How Can Texas Survive Economic Downturn? Legalize Weed
We won't feel the full effects of the COVID-19 pandemic for awhile. That includes the heath issue with number of cases, but also the economy. That's something we will be feeling for awhile, and we aren't anywhere near the worst of it yet. That's coming up.
There is one way to prevent the economy in Texas from completely tanking though. Legalizing marijuana. At least, that's according to a group that is all about legalizing marijuana in Texas. I know. Their stance on this is quite shocking.
The group is called Texans for Responsible Marijuana Policy. But it's not just them making this claim because they're pro-marijuana. Dr. Mike Sadler, an economist from the University of Texas, would boost the economy in Texas as well as create new, much needed jobs. The claim is that the state could see up to $1 billion in additional sales tax revenue.
In an article from 2018, Forbes broke down how much the states that have legalized marijuana were bringing in on the taxes of the Devil's lettuce.
- Alaska - $39.5 million
- California - $2.75 billion
- Colorado - $1.56 billion
- District of Columbia - $17.7 million
- Maine - $83.4 million
- Massachusetts - $106 million
- Nevada - $102.7 million
- Oregon - $777.6 million
- Washington - $1 billion
Would legalizing marijuana help the economy in Texas? Yes, it would. It's helped the states that have already legalized it, and a lot of the negatives that came from the arguments against legalizing have been proven to hold no water.