Wednesday, April 18, 2012

Pot legalization Could Save U.S. $13.7 Billion Per Year, 300 Economists Say

Source : SFGate

Legalizing cannabis could save US taxpayers as much as 13.7 billion per year, becoming more effective than the Buffett rule.

Oakland, CA (PRWEB) April 18, 2012 covers a recent report discussing the potential savings to the US if they were to abolish their prohibition on marijuana in this country: In our post titled "Pot legalization could save U.S. $13.7 billion per year, 300 economists say" covered by The Huffington Post discusses the economics behind the war on drugs.
"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." claims the report.

One economist reports that the numbers may be even more significant than reported here: "Economist Stephen Easton wrote in Businessweek that the financial benefits of pot legalization may be even bigger than Miron's findings estimate. Based on the amount of money he thinks it would take to produce and market legal marijuana, combined with an estimate of marijuana consumers, Eatson guesses that legalizing the drug could bring in $45 to $100 billion per year. Easton's name doesn't appear on the petition." claims the article.
Read more about it here: The Economics of Prohibition

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