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All of this is if the people are living within a "closed" society as the FLDS are and only take spouses from within their community. There are polygamous couples or groups that have spouses who are from outside their groups.
Even in a more open society, you are eventually going to run into problems. There will still be a limited number of women who are willing to enter into a polygamous relationship, and that will still result in more single men- who do not necessarily wish to be single. The impact would be lessened, but still there.
Also you would have large unwieldy families, that one 'father' would probably have trouble supporting, thus higher reliance on govenment support.
Employer medical care would be a nightmare- paying for the male, all females, and all the children, and guess who would have to pay for the increases in that? Their income tax forms would be interesting though. With that many dependents, even if the husband and all the wives worked, probably the government would still owe them. And every time a dependent aged out, 1-2 new dependents would be born.