© Minyanville
When this country got torpedoed by the Great Recession of 2007, we experienced the
largest collapse in state revenues on record. Now, nearly two years after the bottom fell out of the economy, all but four states have been forced to cut services for residents. More than 30 states have raised taxes and 29 still face budget shortfalls.
Among the states struggling to dig itself out of the financial abyss is Virginia, whose budget deficit reached $2 billion in 2012. Even at 8.3% growth in 2011, Virginia won't fully restore its losses from the recession until 2019.
But David Englin, a Democratic delegate from Arlington, is unwilling to wait seven more years for a recovery and has a creative proposal to give Virginia's economy an instant shot of adrenaline. It's House Joint Resolution 140 and it's raising eyebrows among some of his fellow lawmakers and constituents.
Englin wants Virginia's state-owned liquor outlets, called ABC stores, to start selling marijuana.
At least, for now, he wants the General Assembly to allow for a study on the economic impact of the sale and taxing of pot in Virginia as well as the feasibility and practicality of legalization.