I haven't put much thought into the idea of prolific heavy weapons in civilian hands, but I would agree that any willing American should be allowed the same equipment as a basic rifleman, possibly sans grenades and squad automatics.
The ability to generate hundreds (if not thousands) of platoon-sized units across a country in a time of crisis is a massive strategic deterrent. Anybody who disagrees should take a look at Afghanistan - and I would argue that the Afghans don't have a quarter of the knowledge base built into their culture in the form of veterans, professional law enforcement, and the like.
Those who say that the result would be a bloodbath for the armed citizen are probably right. But consider that the desired end state is not a conventional military victory; your enemy's expenditures simply need to be unsustainable.
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