The majority of economic migrants work in the service industry are on low wages and yes are necessary because others won't do the work. So not only have you got the underclass to support you've got the millions of economic migrants that use schools, hospitals and public services. There is little net value of an unskilled migrant working in the service industry, especially the public sector as it adds strain to already stretched services - that isn't emotive at all.
You referred to it as a "flood". That is emotive. According to research carried out by University College London, economic migrants from the EU are less likely to receive benefits or social housing and have made a net contribution of £25 billion since 2000. That seems to be a quite substantial "net value".
A larger pool of labour has to have an effect. People willing to work harder for lower wages. The business that exploit this get rich and those who are unskilled face competition for jobs. We are a service industry, looks like the majority of economic migrant work in the service industry and while it may not have any effect on ability to manufacture or innovate we have have millions of economic migrants that in effect are not actually adding any value. They are adding a strain to already stretched services.
That assumes that the the labour supply curve is only impacted by the supply of labour, which it isn't, which is basic economics.
Well in that case hopefully Ed Miliband will borrow more and reduce taxes while increasing funding to public services. More hospitals schools and better roads. Of course he won't tell you how he plans to raise money because he wouldn't get elected. The letter left by Byrne suggests there was nothing left to spend.
The alternative models of economic change are widely available to debate but they rarely get into the mainstream media. There is not just one kind of debt, the different types of debt are often reported interchangeably without any explanation. While this government argues it has to pay off it's debt as quickly as possible, there is no similar expectation on me to repay my mortgage which still has over 20 years to run and represents a sizeable chunk of my expenditure. Debt, in our economic model, is normal. Attempting to reduce the debt at the speed we are currently doing is not normal.