Obama: Marijuana Legalization Not Good For The Economy

The legislative battle to legalize pot in California has gained so much attention that President Obama can no longer ignore it. In an online town hall meeting Obama rejected the argument that legalizing, regulating, and taxing marijuana would be a good way to raise money in this recession (See my previous post explaining that argument.)

And what was Obama's reasoning? Well, there wasn't any. He just stated in direct terms he does not think legalizing pot "is a good strategy to grow our economy." Read more about the town hall meeting here.

Does that mean he thinks it's not a good strategy because it would not actually grow the economy? Or does he think legalizing pot would have other costs that would subsume any economic benefits, thus making it not a good strategy? We don't know, but they are questions to ponder.