Could the Legalization of Marijuana Save Our Economy?

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Recommended: an economic analysis of legalization of marijuana

The legalization of marijuana has the potential to bring our economy back to life if it were to be legalized. There are a number of ways in which legalization could improve the economy. We could use the revenue from taxes on marijuana to provide for a better quality of life for Americans in need. Legalizing marijuana would also save us money by cutting the cost of putting someone in jail for harmless marijuana related charges that waste tax money. Also it would put more money into circulation by keeping the profits off the black market and into the legal and taxed market. With an estimated twenty-five million active marijuana smokers in America that consume nearly thirty-one million pounds of marijuana each year, we are missing out on extreme revenue that this country cannot afford to go without for much longer (Krulick). Specialized government funded programs such as Women, Infants, and Children (WIC) cost around $7 billion and are in danger of being defunded to save money (Whitehouse). Marijuana tax revenues exceed $6 billion and would help less fortunate women in need of assistance when they are raising a child. On the state level Alabama has a projected profit of $8.9 million in tax revenues alone from Marijuana sales (Miron). States could increase pay or set up a better retirement for police, firemen, teachers, or any other underpaid public service. Also, the medical sales of marijuana would create an alternative source of natural medicine that has less harmful side-effects than some prescription medicines. Another more practical use for the cannabis plant itself is “hemp”. Hemp is another variety of cannabis that is used for mainly for its fiber, oil, and seeds. The fiber can be used to make anything from clothes to cars as... ... middle of paper ... ...tp://www.usnews.com/news/articles/2013/09/04/marijuana-use-creeping-higher-drug-survey-finds>. Pro Marijuana Laws Mean Change for the Nation." UWIRE Text 5 Feb. 2014: 1. General OneFile. Web. 30 Mar. 2014. Raabe, Steve. "Legal Pot Stirs Debate about Impact on Colorado." The Denver Post, 31 Mar 2013. Web. 30 Mar 2014. < http://www.denverpost.com/ci_22903892/legal-pot-stirs-debate-about-impact-colo-economic.> Smith, Dave. "‘Medical’ Marijuana: 10 Health Benefits That Legitimize Legalization." . N.p., 8 Aug. 2012. Web. 15 Apr. 2014. Whitehouse, Office of Management and Budget (OMB), 1 Jan. 2009. Web. 13 Apr. 2014. .

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