The Legalization Piggybank

Derek Thompson interviewed Joe Mathews of the New America Foundation about the money the California marijuana initiative might raise:

"A billion was one estimate [if you combine the income from taxes and the money saved in policing and public health enforcement]. Nobody knows the answer to that question. I don't think there's any great data there. California has a strong recent history of making wildly optimistic assumptions about these kind of programs. Most prominently, Schwarzeneggar made a big deal when he came in about expanding Indian gaming to make money, that it would bring in billions. It's raised negligible amounts."