ECONOMIC IMPACT OF LEGALIZING MARIJUANA
ECONOMIC IMPACT OF LEGALIZING MARIJUANA
GWENDOLYN CARTER
PRINCIPLES OF MACROECONOMICS
4/21/2015
The history of marijuana and how it became illegal is interesting. In 1970 the United States Congress passed legislation called the Controlled Substance Act, which listed marijuana as a Schedule I drug. This is the same category that LSD, cocaine, heroin and ecstasty and are described according to DEA drug schedules, as having no currently accepted medical use and a high potential for abuse. Schedule I drugs are the most dangerous drugs of all the drug schedules with potentially severe psychological or physical dependence. Since that time it has been illegal to manufacture posses or distribute marijuana in this country. Interestingly enough in the same year of 1970 an essay by Gore Vidal in the New York Times, talked about a past era of prohibition, and cautioned readers to avoid repeating lessons of the past. Vidal states, “No one in Washington today recalls what happened during the years alcohol was forbidden to the people by Congress that thought it had a divine mission to stamp out Demon Rum and so launched the greatest crime wave in this country’s history, caused thousands of deaths from bad alcohol, and created a general (and persisting) contempt for the laws of the United States.” I ask, “Does this sound at all familiar on a grander scale?” The lifting of this prohibition of marijuana has massive economic impact on this country and every state. It also affects several other areas where the economic benefits will trickle down to. In this paper I will state some controversial facts and reasons why marijuana should be legalized nationally on a federal and state level. The “war on drugs” has been the cause of over 21 million American citizens to be cited or arrested for violating various marijuana laws despite avid law enforcement. It has also been stated that over 100 million people in this country have tried marijuana and 1 in 10
GWENDOLYN CARTER
PRINCIPLES OF MACROECONOMICS
4/21/2015
The history of marijuana and how it became illegal is interesting. In 1970 the United States Congress passed legislation called the Controlled Substance Act, which listed marijuana as a Schedule I drug. This is the same category that LSD, cocaine, heroin and ecstasty and are described according to DEA drug schedules, as having no currently accepted medical use and a high potential for abuse. Schedule I drugs are the most dangerous drugs of all the drug schedules with potentially severe psychological or physical dependence. Since that time it has been illegal to manufacture posses or distribute marijuana in this country. Interestingly enough in the same year of 1970 an essay by Gore Vidal in the New York Times, talked about a past era of prohibition, and cautioned readers to avoid repeating lessons of the past. Vidal states, “No one in Washington today recalls what happened during the years alcohol was forbidden to the people by Congress that thought it had a divine mission to stamp out Demon Rum and so launched the greatest crime wave in this country’s history, caused thousands of deaths from bad alcohol, and created a general (and persisting) contempt for the laws of the United States.” I ask, “Does this sound at all familiar on a grander scale?” The lifting of this prohibition of marijuana has massive economic impact on this country and every state. It also affects several other areas where the economic benefits will trickle down to. In this paper I will state some controversial facts and reasons why marijuana should be legalized nationally on a federal and state level. The “war on drugs” has been the cause of over 21 million American citizens to be cited or arrested for violating various marijuana laws despite avid law enforcement. It has also been stated that over 100 million people in this country have tried marijuana and 1 in 10
Bibliography: DIGHE, R. (2014, JUANUARY 30). LEGALIZE IT--THE ECONOMIC ARGUMENT. Retrieved from HUFFINGTON POST.COM: http://www.huffingtonpost.com/ranjit-dighe/legalize-marijuana-economic-argument_b_4695023.html FAIRCHILD, C. (2013, APRIL 20). LEGALIZING MARIJUANA WOLD GENERATE BILLIONS IN ADDITIONAL TAX REVENUE ANNUALLY. Retrieved from HUFFINGTONPOST.COM: http://www.huffingtonpost.com/2013/04/20/legalizing-marijuana-tax-revenue_n_3102003.html HIGH TIMES. (2014, JANUARY 17). 10 REASON MARIJUANA SHOULD BE LEGAL. Retrieved from HIGHTIMES.COM: http://www.hightimes.com/read/10-reasons-marijuana-should-be-legal MIRON, J. (2014, NOVEMBER 19). WHY CONGRESS SHOULD LEGALIZE POT. Retrieved from CNN.COM: lwww.cnn.com/2015/01/07/us/recreational-marijuana-laws/index.htm RAGHAVAN, D. (2014, SEPTEMBER 22). CANNABIS CASH: HOW MUCH MONEY COULD YOUR STATE MAKE FROM MARIJUANA LEGALIZATION? Retrieved from NERDWALLET.COM: http://www.nerdwallet.com/blog/cities/economics/how-much-money-states-make-marijuana-legalization/ SCHNEIDER, D. (2014, MARCH/APRIL). POT ECONOMICS. Retrieved from DOLLARSANDSENSE.ORG: http://www.dailydot.com/opinion/marijuana-legalization-economic-argument/ SMITH, S. (2014, NOVEMBER 9). HOW LEGALIZING POT COULD SAVE AMERICA 'S ECONOMY. Retrieved from THEDAILYDOT.COM: http://www.dailydot.com/opinion/marijuana-legalization-economic-argument/ WANG, M. (2014, JULY 8). RECREATIONAL MARIJUANA LEGALIZATION LIGHTS UP ECONOMIC POLICY CONSIDERATIONS. Retrieved from YALEECONOMICREVIEW.COM: http://www.yaleeconomicreview.org/?s=RECREATIONAL+MARIJUANA