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A central tenet of government finance is that money borrowed over the long term should be spent on projects that will outlast the debt – things like buildings, bridges or other essential infrastructure. That's not what upstate New York's Niagara County did with much of its money from tobacco bonds.

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The editorial board of The New York Times has weighed in with its collective take on decriminalizing marijuana use, and it can be summed up with two familiar words: Legalize it.

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