One possible pitfall with genetic modification of humans is a reduction in genetic diversity. The modified children may have great advantages, especially is employers see the modified as better employees. It could start an "arms race" with everyone feeling that they needed to get their children modified just to have a chance in life.
With such an arms race, who is going to pick the second best get of genes? They would pick the genes that give their children the maximum advantage, and this could make the population dangerously homogeneous.
The danger there is that we could all have the same susceptibility to disease, and could make epidemics much more severe.
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