U.S. Could Save Over $7 Billion If Pot Was Legal

According to a recent study done by a Harvard economist. The US government could save an estimated $7.7 billion dollars on enforcement if marijuana prohibition ended. A group of economists has begun signing up endorsers of the study for a letter to the President and Congress. The letter already has been endorsed by over 300 economists from prestigious universities around the country.

You can see the full report, read the letter and see the list of endorsers at the ProhibitionCosts.org website.

The letter to the President begins: “We, the undersigned, call your attention to the attached report by Professor Jeffrey A. Miron, The Budgetary Implications of Marijuana Prohibition. The report shows that marijuana legalization — replacing prohibition with a system of taxation and regulation — would save $7.7 billion per year in state and federal expenditures on prohibition enforcement and produce tax revenues of at least $2.4 billion annually if marijuana were taxed like most consumer goods. If, however, marijuana were taxed similarly to alcohol or tobacco, it might generate as much as $6.2 billion annually.”

If you are an economist and would like to sign on to the open letter below, e-mail your contact details and academic affiliation to us at prohibitioncosts@mpp.org. You will receive a confirmation e-mail within 48 hours that your name has been added. Please also indicate whether you would like to be a media spokesperson in your state for this study.