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My only reservation would be the cost of today's social programs. Many if not most of our ancestors came here speaking a different language and worked at very low paying jobs but they usually supported themselves. Their children picked up the language fast. It was usually the second generation or so that finally started to realize the "American Dream".
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The cost of the social benefits is a good question to be raised. But I'd imagine that with more workers paying in, it wouldn't be too much of a burden.
Personally I don't think I agree with making English as the official language of the United States. Having English being as widespread as it is now is something pretty recent (~WWII). Before then there were places in east, midwest, and west that you could go and try and speak English, but you'd have a hard time. German was pretty common throughout Minnesota and Wisconsin. Italian in New York. Chinese in parts of California. The point is, is that people will learn English. I don't think there's a need to make it official.
Besides, a little bilingual education never hurt. If anything, knowing more than one language makes you smarter.