Marijuana Legalization Could Save U.S. $13.7 Billion Per Year

Via the Huffington Post:

More than 300 economists, including three nobel laureates, have signed a petition calling attention to the findings of a paper by Harvard economist Jeffrey Miron, which suggests that if the government legalized marijuana it would save $7.7 billion annually by not having to enforce the current prohibition on the drug. The report added that legalization would save an additional $6 billion per year if the government taxed marijuana at rates similar to alcohol and tobacco.

That’s as much as $13.7 billion per year, but it’s still minimal when compared to the federal deficit, which hit $1.5 trillion last year, according to the Congressional Budget Office.

While the economists don’t directly call for pot legalization, the petition asks advocates on both sides to engage in an “open and honest debate” about the benefits of pot prohibition.

Read More: Huffington Post

17 Comments on "Marijuana Legalization Could Save U.S. $13.7 Billion Per Year"

  1. David Scroggins | Apr 20, 2012 at 9:44 pm |

    This petition is pretty old. Milton Friedman is the first petitioner listed and he’s been dead since 2006. I wonder how the numbers have changed since then.

  2. it would help people get through future economic depressions, and not talking just about the money

  3. Join ‘meditation @ 4:20’ daily!

  4. bah! the elites do every crime in the book and none of them go to jail but the slaves nooo they cant smoke pot because it affects production and that is the only reason. we live in a jewish ruled country cant you see that?

  5. HonestTruth | Apr 21, 2012 at 3:31 am |

    But we’re forgetting one very important detail. How would this benefit the cotton, paper, tobacco, and alcohol industries?

    • Don’t forget the prison industrial complex and the myriad of business therein.

    • its weed its grows like crazy, these existing companies can easily switch like a boat needs to shift its sails when the winds change.  The prisons well, i dont know whos dumb idea it was to privatize prisons but they can easily turned into joint rolling factories,

  6. What happened to the belief that hemp is a better alternative to all kinds of things, and that the industries it would negatively effect used the pretence that it’s a drug to fight it?

  7. $13.7 billion is an extremely conservative estimate. The legalization of marijuana could balance the budget and fix the economy (that’s fake anyway) in 10 years.

    • Rickenbacker4001 | Apr 23, 2012 at 10:13 am |

      I always have the “economy is fake”  rant from Hicks in my head….keeps me balanced….

  8. Make up all the pro arguments you like,
    but until the CIA has a replacement for the lost revenue
    it ain’t gonna happen.

    Why is the government in the prohibition business?
    It’s good for business!
    The Cop Business, the Lawyer Business, the Prison Business, the Weapons Business and
    The CIA Drug Business.

  9. GoodDoktorBad | Apr 21, 2012 at 10:22 am |

    “Stop making sense….”

    There is a much higher order at work here than truth and logic, apparently.

    Can you name it?

  10. I don’t like smoking everyday, but when I do, it’s hella fun.

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