“I’m announcing new steps to protect the identities and privacy of the American people.” —President Obama
“Just fill out this form with all your personal information and you will be completely protected under this new government program that’s run by disgruntled, indifferent bureaucrats.”

“And it will not cost you a penny.”
You forgot to mention that those disgruntled, indifferent bureaucrats will be putting everyone’s personal information info into state of the art hack proof government computers. What could go wrong?
Well, the hard drives could crash. But that rarely happens with government computers.
Or, as it will be known, “Jackass 4”
Are they going to protect all your identities or just the ones you stole from people who work? (As opposed to ones you made up out of thin air.)
I’m going to assume having an IRS lien isn’t something they consider “private”, or maybe it was just a coincidence that a day latter I started getting non-stop junk mail from tax lawyers, at least one a day, for the next 3 months. The record was 7 in one day.