At the end of May, the American Enterprise Institute held a panel discussion with the same title as the post. Here's a summary. It's an odd way to pose the question--if the focus is the global economy, rather than the U.S. economy, then why would a reduction in the price of goods and services purchased by those outside the U.S. economy be a threat? Normally, we would think that lower prices would be welcome.
Among the panelists, my views seem to be closest to Anne Krueger's, though I am less of an optimist about productivity growth. From the summary:
The focus on the current accounts deficit and falling dollar should not overshadow more pressing concerns. Prospective problems include the low savings rate, public education, and the fiscal deficit.
Read/hear/watch the whole thing.