Bill Fitzmaurice wrote: If we did so the deficit would be gone in no time, and we would have enough tax surplus to fund entitlement programs that would make yours look stingy by comparison.
Sorry, gotta call
Not going to get into the validity of the argument, only the math.
Current annual deficit - $1,089,000,000,000 (1.089 Trillion)
Current population over the age of 18 - 240,237,363 (72.3% of total pop.)
If everyone over the age of 18 (and I mean everyone) smoked a joint a day, everyday for an entire year that would be 87,686,637,432 joints per year.
Divide the number of joints into the annual deficit gives you the amount of tax on each joint in order to just wipe out the deficit......
$12.42 per joint.
Obviously, that much tax would create the same black market that we currently have. Not to mention that 100% of the entire population over 18 would not smoke pot....maybe 20%? And those would not average a joint per day (although I'm sure the music industry would do their best to up the average

).
While your option would certainly create some revenue - there's just no way to wipe out the enormous mountain of borrowed money that grows exponentially on a daily basis.
And let's not even talk about how stoned the country would have to be to wipe out the debt.