How is Gene Sperling misleading on economics and immigration reform?

At the White House blog, Obama economic advisor Gene Sperling offers the highly misleading post "The Economic Case for Commonsense Immigration Reform" [1].

Normally, what I'd do is dig into it and show why he's wrong in general and why he's wrong about specific points, as I've done with the Obama administration time and time again. After all, I've got dozens of posts showing why the talking points Sperling uses are wrong; for some of what he writes I could just copy and paste from my past posts.

After I did that, I'd contact those on Twitter who were promoting Sperling's post and attempt to discredit him to some of his supporters.

Except, I'm not going to do that this time.

Instead, I'm just going to quote part of his post, and invite rightwing leaders (aside from the usual suspects, such as vDare) to try to show how he's wrong in comments or on their sites. I'll update this post with any such attempts, or lack thereof.

Here's an excerpt, full post at [1]:

America’s immigration system is broken. Too many employers game the system by hiring undocumented workers and there are 11 million people living in the shadows. Neither is good for the economy or the country. We must come together on a plan that requires responsibility from everyone —both from the workers who came here illegally and those who hire them—and guarantees that everyone is playing by the same rules.

Together we can build a fair, effective and common-sense immigration system that strengthens our economy and the middle class. As the President has made clear, any effort must include continuing to strengthen border security, creating an earned path to citizenship, holding employers accountable, and streamlining legal immigration...

...It’s also worth noting that more than 40 percent of Fortune 500 companies were founded by immigrants or a child of immigrants. According to the Partnership for a New American Economy these companies employ more than 10 million people worldwide and generate annual revenue of $4.2 trillion...

As discussed here one and a half years ago, the last paragraph is misleading. In fact, everything quoted above is misleading and promotes bad policies. However, let's wait and see if anyone else wants to reinvent the wheel of showing what's wrong with it.

[1] whitehouse . gov/blog/2013/03/13/