Walters and the other prohibitionists have been bragging recently about a recent spike in the street price of cocaine.
CATO’s Ted Galen Carpenter, writing at NRO, stuffs that spike down their throat:
Carpenter uses Walter’s numbers against him to demonstrate that the claims are baseless.
If one examines the price trend over a longer period, the “achievement” is even less impressive. During the early 1980s, cocaine sold for more than $500 per gram. The long-term trend has clearly been toward lower prices, suggesting that the supply of cocaine has become more plentiful.
In conclusion, Carpenter takes on the entire philosophy of the drug warrior:
That last is a very interesting point, which is often overlooked. The one caveat I’d add, is that while I agree with Carpenter’s conclusion — including, to a degree, the likely results if the supply side strategy of drug prohibition “succeeds” — I’ve seen no evidence to suggest that it is possilble for such a strategy to succeed.