Those 400,000 jobs did not go to illegals. They are jobs lost, generally overseas, as a result of the illegals direct contribution to the deficit. Along with those jobs, the taxes to both the employer and employee are lost. The tax burden to cover those employees increases. Finally, those employees would spend their income, most importantly their disposable income, which would be used to pay some other employee, who would again spend and benefit another employee, etc. Until Greenspan's November 2005 decision (fiasco) to stop disclosing the money supply starting in March of last year, this turnover was running at about 12-14 times a year. Now we don't know, but 12-14 times is the historical range. In short, the cost to the economy of losing a $50,000 job is actually $600,000 ($50,000 * 12). However, the true impact is significantly less.
Those 400,000 skilled manufacturing jobs generally pay better than the service sector jobs where the laid off unemployed manufacturing workers end up. So, while there is a job lost, there is a lesser paying job replacing it (underemployment as opposed to unemployment). So, while the true impact has a average base closer to $10,000 - $15,000 per lost manufacturing. Still, at $10,000 the impact is $120,000, or about $48 billion to the economy and about $20 billion in taxes (and this is just payroll taxes and taxes the employees would pay, not the employer's income taxes). Those taxes alone cost another $175 per household. In addition, there is a new tax burden for those laid off, and additional medical cost covered by the public for those who have lost health insurance.
The benefit for reduced costs, from what I've seen, is having little impact on prices. While my research on the situation is limited to south Florida, where the vast majority of illegals are be employed by companies in the construction sector dodging payroll taxes (these foregone taxes are not included in my earlier calculations). The others significant industries are home services (maid services and lawn care) and hospitality, in which there is very little, if any, price benefit to the consumer. A further impact is illegals depress wages to those legally employed in those industries. Even if there were a price benefit to the consumer, the reduction in purchasing power and taxes for the legal employees would hurt the economy again (by the same factor of at least 12 as noted above).
As for the .6% inflation, that currently comes to about $80 billion annual cost to the economy through inflation, or about another $700 annual cost per household on top of the tax costs.
Just using the tax drain and inflation, and ignoring the foregone economic growth/benefits, if there are the highest estimate I've ever seen of 20 million illegals in order to provide the lowest possible result, every last illegal man, woman, and child would still have to provide an annual consumer savings of $11,400 just to break even.
The cost of education has grown enormously. Unlike other industries, education is not as open to enjoy efficiencies and economies of scale. The cost has therefore gone up much faster than inflation (roughly twice as fast), and this is one issue that has been ignored by the Feds since it was first brought to their attention as a political issue 30 years ago. Now they act surprised and confused by how fast the cost of education has risen. This eliminates the opportunities for some, and makes the cost/payback period much greater for others. The return in terms of incremental lifetime earnings/cost of college has dropped more than 50% the past 20 years, and will likely continue to do so at the same pace. The increased cost of college, and the declining "return on investment," makes vocational types of jobs the best/only choice for many. This will increasingly be true in the future. I see no reason to exacerbate this situation in the future by bringing in more illegals to compete for the vocational jobs in which speaking English is often not requisite.