Long version: It means we import way more than we export... In other words, we buy from others a lot more than we sell to others. In theory, this would create a strong downward pressure on US dollar, but as it is the reserve currency of the world and is backed by giant consumer economy that everyone is selling into, as well as US military might, the pressure is negated.

Some economists argue that this is extremely unhealthy and is unsustainable. I'm not qualified to say if it's true or not. One thing I would say, is look at most countries with a huge positive balance - most are oil producers or cheap(er) labor sources for less skilled stuff. Notable exceptions here is Germany. In fact, Germany is very luck that the rest of Euro zone likes to spend profusely. If not for those other countries dragging the Euro down, their currency would have appreciated exponentially, making their exports way too expensive.

I like my Chinese-made laptop more than green pieces of paper, so it sounds like a win to me.

In layman's terms, we're cashing out our hard-earned savings for meaningless, disposable trinkets. It isn't going to last, and when it's over, it's going to _hurt_.

That's all well and good until the Chinese have all your green pieces of paper, and all you have to eat is your laptop.