Bad Ideas Don't Get Better With Time.

I've blogged about the War on Drugs before. I think it's a gigantic waste of resources.

Check this out from Esquire:

Famously, Franklin Delano Roosevelt saved the United States banking system during the first seven days of his first term.

And what did he do on the eighth day? "I think this would be a good time for beer," he said.

Congress had already repealed Prohibition, pending ratification from the states. But the people needed a lift, and legalizing beer would create a million jobs. And lo, booze was back. Two days after the bill passed, Milwaukee brewers hired six hundred people and paid their first $10 million in taxes. Soon the auto industry was tooling up the first $12 million worth of delivery trucks, and brewers were pouring tens of millions into new plants.

"Roosevelt's move to legalize beer had the effect he intended," says Adam Cohen, author of Nothing To Fear, a thrilling new history of FDR's first hundred days. "It was, one journalist observed, 'like a stick of dynamite into a log jam.'"

Many in the marijuana world are now hoping for something similar from Barack Obama. After all, the president-elect said in 2004 that the war on drugs had been "an utter failure" and that America should decriminalize pot.

In July, Obama told Rolling Stone that he believed in "shifting the paradigm" to a public-health approach: "I would start with nonviolent, first-time drug offenders. The notion that we are imposing felonies on them or sending them to prison, where they are getting advanced degrees in criminality, instead of thinking about ways like drug courts that can get them back on track in their lives -- it's expensive, it's counterproductive, and it doesn't make sense."

Meanwhile, economists have been making the beer argument. In a papertitled "Budgetary Implications of Marijuana Prohibition," Dr. Jeffrey Miron of Harvard argues that legalized marijuana would generate between $10 and $14 billion in savings and taxes every year -- conclusions endorsed by 300 top economists, including Milton "Free Market" Friedman himself.

Read the rest of the Esquire piece here.