SAD: Adios, California. “Sure, the liberals like to claim California socialism is working by pointing to the much heralded statistic that ‘California’s economy is the 6th largest in the world’ as calculated by the state’s Department of Finance. Indeed, California’s $2.62 trillion economy is larger than that of France, Canada, Brazil, Russia, and Italy. However, that GDP stat does not factor in California’s cost of living, which is 36.2% higher than the national cost of living. As Carson Bruno writes in Real Clear Markets, ‘using the cost of living adjusted data from the International Monetary Fund and adjusting California’s GDP data provides a better snapshot of California’s economic standing in the world. Doing so shows that California is actually the 12th largest economy — a drop of 6 spots — and actually puts the state below Mexico.’ Moreover, as Bruno points out, Silicon Valley ‘accounted for 50% of California’s private industry real GDP growth.’ In other words, without a few dozen mega profitable high-tech Silicon Valley firms such as Apple, Google, and Facebook, California’s GDP would be significantly smaller.”
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