Drug policy

For a long time, I have been troubled by the war on drugs. It seems to me that treating currently illegal drugs like tobacco and alcohol would be much better social policy. Legalization, regulation and taxation of currently prohibited drugs would take the smuggling profit out of the equation and reduce the violence and crime now associated with drugs. We then treat the issue as a health issue, like alcoholism and tobacco addiction. Probably revenue neutral, but it gets the money away from crime and reduces the incentive for violence. Your thoughts?