The deficit does mean that the United States has been spending more than we produce, and the rest of the world has done the opposite. Because they have different causes, these developments have different public policy implications. Their implications for Federal Reserve policy are indirect.
We cannot affect the pace of job restructuring nor correct the current account deficit, and that limitation is important to understand. Nonetheless, how these phenomena evolve and how they are addressed are critical background factors for us as we conduct monetary policy.