Risky Business

Obama: Marijuana Legalization Not Good For The Economy

By Matthew Bandyk

Posted: March 26, 2009

The legislative battle to legalize pot in California has gained so much attention that President Obama can no longer ignore it. In an online town hall meeting Obama rejected the argument that legalizing, regulating, and taxing marijuana would be a good way to raise money in this recession (See my previous post explaining that argument.)

And what was Obama's reasoning? Well, there wasn't any. He just stated in direct terms he does not think legalizing pot "is a good strategy to grow our economy." Read more about the town hall meeting here.

Does that mean he thinks it's not a good strategy because it would not actually grow the economy? Or does he think legalizing pot would have other costs that would subsume any economic benefits, thus making it not a good strategy? We don't know, but they are questions to ponder.

Not again. Get with the program USNEWS

Over 650 posts in health section. 99.96% for legalization.

009/02/04/legalize-marijuana-obama-was-right-to-say-no/comments/

Anyway, isn't the constitution, or was it the flag, or both made from hemp? Oh, and the ropes of the Navy...

I guess it was illegal NOT to grow it in our history.

This is getting embarrasing. Simply remove all restrictions. Tomorrow isn't too soon. Not as hard a decision as sending troops to war or not.

David Mc of MI @ Nov 12, 2009 21:12:05 PM

Concurrence

I'd have to agree with James here on this matter. Another thing that could also potentially occur with the legalization is the chance that pot would become an American cash crop, opening up thousands of jobs in that field, something that I'm certain would not be greatly opposed in the current job market. People already make bank by growing it illegally on a minimal budget, which results in phenomenal profits for the people currently involved - were the size of the growing stations increased exponetially, logically, so would profits, resulting in another economic boom in that particular field. This, combined with the billions of DEA dollars freed up, would make up a huge amount of money that could most certainly go to projects that need the money. If we are all frank with ourselves, we would realize that the DEA busts of anything involving marijuana are usually highly ineffectual. Yes, they may seize thousands of pounds of the plant, but, as widely grow as marijuana is, that is really nothing more than a single piece of straw in a large, every growing haystack.

L. Nelson of TX @ Nov 02, 2009 21:11:31 PM

"Growing" the Economy

I have to respectfully disagree with Pres. Obama on this....among other things. No, the legalization of marijuana itself would not have a significantly dramatic effect on our economy immediately. Decriminalizing it would release thousands of people in our penal system who are there for possession w/o intent to sale, because no matter if it is legalized,those that were sent to prison for selling were put in for selling a controlled substance. Legalizing it would benefit the economy immediately indirectly by freeing up billions of dollars a year for a then unneeded D.E.A. marijuana enforcement task-force. This boost in money that once funded the opposition of marijuana, could then be put to good use, i don't know, say trying to pull this country out of the deficit that we happen to be in at the moment. Also, the growth of marijuana has other benefits not just medicinal or recreational. I know this has been hashed and rehashed but,decrease in crime, the agricultural benefits, monetary, wall street, Import/Export, and many others, would help more than it would hinder. Yes, it will be difficult to make it happen. Yes, it would cost a Ton of money to get it moving afterwards, but, would not the long term benefits outweigh the short term costs? Are we not supposed to be a logical, civilized society, immune to irrational fears and superstitions? So why is it we cannot let go of our irrationalities? Look at the long term benefits and weigh the consequences of it out against them? Legalization and decriminalization should be instituted now, while we still have the options and chances to try and improve our economy, our life styles, and, most of all, ourselves? I say give something a chance to work before you debunk it and say that it Won't when you Won't even try?

James Abbott of TX @ Oct 29, 2009 20:51:18 PM

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Risky Business

Risky Business

Matt Bandyk, a reporter for U.S. News, explores capitalism from where it all begins, with the entrepreneur, whose risk taking and experimentation provide the roots from which the rest of the economy grows. As much courage as it takes to create one's own business, even the entrepreneur needs some help, and this blog will look at news, trends, and practical advice for starting and running a small business.

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