Relax people, the theory about a long term drift to one party or the other has been on for the last 100 years and more.
Not that there haven't been good reasons for these theories and they seem to have been valid in the "short-term". Over time a party that's looking at a minority status takes action to expand its base and remain competitive. The US political system rocks that way.
In the specific case you mention (paid immigrant growth) Bush won 33% of Hispanics in 2000 and the GOP won 39% in the 2002 midterms. The GOP is also making gains among other immigrant groups like the Indian-American community. If you find this shocking, Let me provide some explanation..... Unlike the black community, which is now (for the most part) solidly liberal and thus certain to oppose the GOP for some time to come, the Hispanic and Indian-American community is way to the right on social issues. I would guess that a clear majority is pro-life and pro-school prayer and would probably oppose gay marriage among others.
And even if a reasonable argument is made that the GOP wont take a majority of these votes and will still have a definite (if smaller) long term decline; then consider this...............
The Americans of the Bush nation tend to have more children than the Americans of the Gore nation, and the communities of the Bush nation tend to welcome growth while the communities of the Gore nation tend to limit it: California's culturally conservative Central Valley is growing faster than the culturally liberal San Francisco Bay area.
The fastest-growing parts of the United States are formerly rural counties on the metropolitan fringe, beyond the edge-city office centers, and are now filling up with family-sized subdivisions, outlet shopping malls, and booming mega-churches. Though many of these are within the boundaries of major metro areas, these counties tend to vote strongly Republican; and, with their growth, they have produced Republican majorities almost large enough to offset the Democratic margins in heavily black or culturally liberal central cities. These are places such as Collin County, Texas, which grew by 86 percent in the 1990s, and voted 73 percent to 24 percent for Bush; Forsyth County, Georgia, which grew by 123 percent, and voted 78 percent to 19 percent for Bush; and Douglas County, Colorado, which grew by 191 percent, and voted 65 percent to 31 percent for Bush.