Thursday , 21 November 2024

Financial Toll of Illicit Drugs In U.S. Is Enormous – Here Are the Facts!

Lorimer Wilson August 9, 2014 Comments Off on Financial Toll of Illicit Drugs In U.S. Is Enormous – Here Are the Facts! 2,131 Views

America’s and the world’s appetite for drugs is insatiable. Billions upon billions of dollars have been spent ondeath-spiral1images both the consumption of illicit drugs and fighting the war on drugs. At first glance as an investor, you probably don’t think this affects you (that is, if you don’t use or sell drugs) but a closer look will reveal the enormous economic impact that the war on drugs has on America. Prepare yourself for some very alarming numbers.

The above are edited excerpts from an infographic* by Sukhdip Basra (VisualCapitalist.com) entitled The Drug War’s Impact on the American Economy.
The following infographic is presented by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!),  www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and the FREE Market Intelligence Report newsletter (sample here; register here). This paragraph must be included in any article re-posting to avoid copyright infringement.

Basra goes on to say in further edited excerpts:

  • Since 1971, the United States has spent $1,000,000,000,000 on the war on drugs. If you have a hard time reading that enormous number, it’s 1 TRILLION dollars!
  • There are an estimated 500,000 inmates incarcerated for drug related charges. At an annual cost of $25,000 per inmate, that equates to $12.6 billion a year. America spends 58% less money to educate a child than it does to keep an inmate behind bars.
  • The next generation (who will be future consumers) is suffering and is being heavily disadvantaged.

On the consumption side, the numbers are just as incredible.

  • The estimated annual value of the cocaine market is $88 billion and for heroin, it is $55 billion.
  • The average cocaine addict will spend $25,000 per year to fuel their habit and the average heroine addict will spend $18,000.

These massive sums of money could be spent on much more productive things…The enormous amount of money that is spent untaxed on drugs is mind boggling, and the large majority of it goes out of the country. Can you imagine if these wasted dollars could be used to fuel its growth or pay back its astronomical debt?

 

The Drug War's Impact on the American Economy

*http://www.visualcapitalist.com/drug-trades-impact-american-economy/ (Copyright © 2014 Visual Capitalist | All rights reserved.)

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