This argument has been made for the last 20 years: Legalizing marijuana would be a boon to the GDP pumping an estimated $100 billion into the economy in the form of taxes or government regulated revenue. Eliminating the prohibition of marijuana would save us an estimated $40 billion annually in administrative and residual costs.
The total benefit to the our budget would be in the range of $140 Billion annually. Just to give you an idea of how that would benefit the lopsided budget: The federal government is losing $9 billion annually in income tax, $3 billion in corporate taxes, and $7.2 billion in social security revenue. At initial glance, the government regulation and sale of marijuana would fund our ailing Social Security program, as well as cover our losses in income and business tax, and go a long way to funding other sectors such as Medicare, Education, and drug abuse prevention programs.
According to independent studies from the NIDA (National Institute on Drug Abuse) and the University of San Francisco – Marijuana is considered less addictive and less harmful than coffee, nicotine and alcohol… all of which are currently legal. Considering the scientific verdict is in, all we may need now is the economic incentive to push us in a new direction.
In case you’re wondering which of the 2008 Presidential candidates would support this direction for our country – you guessed it… only Ron Paul
Potential positive effects:
1.) Fund enforcement programs against hard drugs such as Meth and Cocaine at no additional cost
2.) Fund our parks, roads, and city services through a “sin tax” – already being done with cigarette and alcohol taxes.
3.) Fund drug rehabilitation programs at no additional costs
4.) Reduce prison expenses by releasing non-violent Marijuana offenders.
5.) Fund national education programs and failing schools
Please feel free to contribute your ideas in the comments section.