Wasn't there once a Justice on the U.S. Supreme Court who wrote in the majority opinion, "three generations of imbeciles are enough!" ?? (Buck v. Bell, 274 U.S. 200 (1927))
This is going to shock a lot of readers, but I don't really have a problem with the concept of "eugenics" per se. It was actually a significant movement in this country until the National Socialists came along and gave the word a bad connotation forever.
Look at this from the viewpoint of "carrot and stick".
We should do what we can to "improve the breed". Such measures should be through persuasion and reward, rather than punishment.
Otherwise -- as mirraflake suggests above -- we're going to be saddled with a permanently-unemployable underclass which has no hope of improvement, and which will rely solely on government largesse from cradle to grave.
From a point of logic and reason, it makes sense to try to keep this group's numbers as small as possible.
I wouldn't go so far as to "ban" low IQ folks from breeding.
But I would argue that we should do as much as possible to persuade and cajole them otherwise...