The marijuana legalization movement has been holding its breath, waiting to see how President Donald Trump will address the issue.
Public opinion and state law have leaned heavily in favor of decriminalizing the controversial cannabis plant over the last several years, signaling the inevitable downfall of the government’s war on drugs.
However, as numerous state victories gave advocates hope that the end of prohibition was near, the unexpected election of Donald Trump threw the legalization movement a curveball no one was anticipating.
Legalized marijuana is projected to create a quarter of a million jobs by 2020.
While the future of marijuana in America is still unclear at the moment, if Trump wants to keep his campaign promises of job creation and financial growth, he should strongly consider the economic benefits of marijuana legalization.
The Future is Green
As a presidential nominee, Trump spent much of his campaign promising national job growth. Reaching out to the blue collar working class, Trump promised to bring jobs back to American manufacturing.
However, if Trump is serious about fostering an environment of economic prosperity and job creation, he may want to set his sights on the burgeoning marijuana industry instead.
According to a recent report released by New Frontier Data, the marijuana industry is projected to create more than a quarter of a million new American jobs by the year 2020.
By the Bureau of Labor Statistics’ own projections, the legalized cannabis industry is expected to outpace growth in any other sector over the next few years, including American manufacturing. In fact, manufacturing jobs are expected to decrease by 814,000 over the next seven years.
Additionally, the marijuana industry is currently estimated to be worth about $7.2 billion. Given its current success and expected trajectory, the entire industry is expected to grow at a rate of 17 percent annually.
Likewise, the New Frontier Data’s report estimates that the medicinal market alone will increase its worth from $4.7 billion to $13.3 billion by the year 2020.
Of the 25 states that have decriminalized cannabis in some capacity, seven of those states have allowed for its recreational use. As a result, the recreational industry is also expected to increase its worth from $2.6 billion to $11.2 billion by 2020.
While these projections are bound to have positive effects on the national economy and create a plethora of new American jobs, the estimates will never come to fruition if the Trump Administration decides to backtrack on the progress made thus far.
Good People Don’t Smoke Marijuana
Had Hillary Clinton won on election night, as many had expected, it is highly unlikely that the war on drugs would have suddenly come to a screeching halt.
Not only is Clinton’s own track record on the matter weak, but her husband also contributed greatly to the perpetuation of the problem.
Former President Bill Clinton helped escalate the war on drugs through his support of mandatory minimum sentencing laws and other policies that were prevalent during the “tough on crime” era of the 1980s and 1990s.
However, Mrs. Clinton’s terrible track record on the issue does nothing to excuse Donald Trump, should he make the same mistake.
“Good people don’t smoke marijuana.”
While Trump is not a strict ideologue by any means, he has unfortunately chosen to surround himself with advisors and cabinet appointees who have struck fear into the hearts of advocates of marijuana policy reform.
Trump’s decision to nominate Jeff Sessions as his Attorney General only heightened this paranoia among his critics.
Sessions has been a longtime supporter of civil asset forfeiture, which essentially incentivizes law enforcement to use the drug war as a pretext for stealing property from anyone merely suspected of drug-related activity.
As if Session’s support for highway robbery weren’t bad enough, he has also gone on the record making outlandishly biased statements including, “Good people don’t smoke marijuana.”
Since Sessions has the legal authority to impose federal drug laws on the states, this comment is quite concerning, to say the least.
While Trump’s own comments on the matter have been somewhat neutral, Press Secretary Sean Spicer added fuel to the fire last week when he hinted that the White House might soon begin enforcing federal marijuana laws once again.
Under the direction of former Attorney General Eric Holder, the federal government agreed to more or less “look the other way” when states made the decision to legalize cannabis. This policy has allowed states like Colorado to add over $1 billion worth of revenue to their local economy and create new jobs for its residents.
Just a few days ago, Sessions publicly recommitted himself to the drug war by saying:
“I don’t think America is going to be a better place when people of all ages, and particularly young people, are smoking pot. I believe it’s an unhealthy practice, and current levels of THC in marijuana are very high compared to what they were a few years ago, and we’re seeing real violence around that.”
Ironically, the war on drugs, which Sessions adamantly supports, is responsible for that increase in potency, as economist Mark Thornton has demonstrated.
According to “the Iron Law of Prohibition,” when substances are prohibited, black market providers are incentivized to increase potency because more potent forms take up less storage space, are easier to transport, and sell for more money. This is considered necessary to mitigate the risk of being caught and incarcerated.
Session’s Reefer Madness-inspired statement is absolutely frightening considering his position of authority as Attorney General of the United States of America.
The White House might actually begin enforcing federal marijuana laws once again.
But in the spirit of maintaining optimism, there is still reason to hope that Trump’s alleged commitment to economic growth will overpower the draconian beliefs held by some of his cabinet appointees.
The Economic Savior
Trump was elected as the “no nonsense” businessman who was going to fix our national economy and create jobs for the American people. As America’s “economic savior,” his supporters firmly believed he was the candidate who would restore prosperity to the middle class. This is the promise that ultimately got him elected to the highest office in the land.
Since assuming office, he has shocked the public by actually fulfilling most of his campaign promises— which has been both slightly encouraging and downright terrifying.
While there can be no defense of his love for protectionist policies, he has still maintained his support for a free market economic system.
If this is true and he is as committed to economic reform as he claims to be, then perhaps the economic repercussions of marijuana legalization can change his mind, or at least drown out the backward influence of his advisors.
Note: This article was contributed to ValueWalk.com by Brittany Hunter. Brittany is an associate editor at The Foundation for Economic Education.
Category: Breaking News