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It is not an issue of lethality. It is an issue of incapacitation.
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This.
If it were small enough and light enough, and easy enough to shoot, I'd carry 12ga buckshot everywhere with me. But I can't. So I compromise with a much smaller round. Compared to rifles and shotguns slugs/buckshot, handguns are very weak. I want to squeeze every advantage out of my defensive handgun I can. That means I use ammo designed for self defense use that's designed to stay in it's intended backstop, and not shoot through and through. A relatively minor premium price is worth it when I might have to count on those rounds to save my life, or the life of a family member.
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I think the current theory of "designer ammo" at over a buck a round is ridiculous. 20 round boxes are a joke. If you can find the 50 round LE boxes at a decent price, buy all you can. Shoot a few hundred rounds of that ammo in your gun and accept, its as good as its going to get.
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I've never bought a 20 round box of premium ammo in my life. I shoot Speer Gold Dot 124gr +P out of my G19, and they came out of a $30, 50 round box. I could have bought some Remington Golden Sabers in a $50 round box for, I think $24, but I've had issues with Remington primers in the past, so it's a once bitten, twice shy situation. CCI primers are worth the extra $6 in my book. It's not hard to find those 50 round boxes, you just need to know where to look.
(Hint: Look for an LE supply store...not a regular gun store. Every one of them I've been in do not restrict sales to LE only.)