"Mind you the government does not have a right to your password"

They also don't have to let you back in the country. If your plan is to just not tell the agent your password, you might be in for an adventure. From Schneier's earlier article on this subject...

"The border agent is likely to start this whole process with a "please type in your password". Of course you can refuse, but the agent can search you further, detain you longer, refuse you entry into the country and otherwise ruin your day."