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Benefits:
Possible to edit out genes that cause Down syndrome, spinal
muscular atrophy, cystic fibrosis, rare blood disorders, etc.
We could modify the genes that lower the risk of contracting
HIV
We could in turn save more lives by preventing causes of
premature death
Risks:
The health risks aren't yet fully know since CRISPR technology
hasn't been used much so far on actual human embryos
However, some scientists say that should it go wrong, it may
result in the baby to experience premature aging, reproductive
disorders, immune imbalance, gastrointestinal problems, organ
damage, or cancer
The potential of CRISPR resulting in designer babies would
have a huge (mostly negative) impact on society
If designer babies were to become commonplace it would be
among the rich people who could afford the high costs of editing
their embryo's DNA
This would promote societal inequity by giving more potential
opportunities to the upper class for a healthier life and higher IQ,
in turn fueling the upper class's success and widening the gap
between the rich and the poor
If "perfect babies" were to be achieved this would create an
invisible barrier between designer babies and non-genetically-
modified ones
Designer kids would be very different from natural ones and
might be seen as superior
Impacts on society similar to in movie "Gattaca" where the upper
class is made up of the people with the best genes and they can
get the most important jobs
A designer child may not turn out how the parents expected it to
and they might be disappointed and reject to child
Parents would put more pressure on kids to be perfect and live
up to their expectations of intelligence, looks or athleticism
Genetically modified, healthy babies could be made solely for
the purpose of donating organs and blood to save their non-
modified sibling's life
Parents with one designer baby and one natural baby might show
favoritism to their "perfect" child and neglect the other