And as long as there is an age restriction on drug use, there will be an underground market among those 8-18/21.
If we "legalize it and then tax the hell out of it", the DEA then moves under the ATF and the game becomes that of the revenuers against the bootleggers.
If you can manufacture a drug in your own home (grow pot, cook up meth, etc.) you will be "denying" Uncle Sam those "high tax" revenues (even if it is for personal consumption).
And I can see no validity in legalizing these substances before the Federal social safety net has been eradicated so that those who become addicts are not permitted to become a financial leech on society.
I'm not against the legalization of these substances but some people are short sighted in what it entails (not to mention that there would be Big Crack attempting to market this now legal product in other countries just like Big Tobacco does and McCrack paying South American farmers to stop raising produce for local consumption so that they can raise a bigger cash crop of recreational drugs). If you think that the world dislikes America for our stance in the Iraq war, just wait until they spout their venom for us turning the rest of the world into "drug addicts".
Yep -- look at tobacco; it's still legal, but a huge black market has arisen in high-tax states like mine. Unless you make legalized drugs dirt-cheap, and sell them to everyone, including minors, there will always be a black market.