How does the legalization of marijuana affect Americas economy and patients who need marijuana for medical purposes.
This discussion explores ways in which legalization of the drug affects America’s economy and patients who need marijuana for medical purposes through answering the following question.
One of the arguments that have been fronted in advocacy for marijuana legalization is the potential economic benefits that the move could offer at macroeconomic level. Bradford (1) reports economic effects that two states in the United States, having legalized marijuana, could benefits. Professional opinions among economists support this. According to estimates, Colorado and Washington are likely to expand their revenues by a total of $ 550 million and estimates from similar sources indicate an annual expansion of the United States economy by about $ 14 billion. Legalizing marijuana and levying fee for dealership is another significant benefit to the government as a source of revenue and this has proved successful in Mendocino county of California. This is good news especially because the nation is facing problems of budget deficit that the additional revenue can remedy. In addition to the direct benefits that legalizing marijuana could offer, it would also reduce government expenses that are associated with enforcement of marijuana laws. According to data from the year 2007, the nation spends as high as $ I billion dollars on incarcerating convicts on marijuana charges and a change in the law would save the expenditure that can be used in other utilities, especially on investment expenditure for economic development. Reports by economists estimate that the government spends about $ 13.7 billion in enforcing current marijuana laws and legalization would save this amount that could be used in funding social or investment projects. The savings also include potential tax revenues that the legalization could derive.