The basis of his comment was correct. The US needs to really only import OIL. We have all the natural resources and man power to produce 100% of what we consume, if everyone bought American goods.
Unfortunately, to make shit loads of cash off of high margins we need to import goods made with substandard materials and produced by cheap labor. Just visit any local Wal Mart and you will see what I am talking about.
This country has gone from a manufacturing powerhouse to a service sector shit hole. The number of companies producing anything has fallen to almost nothing. The major labor unions forced the auto manufacturers to Canada, most clothing is no longer made in the Carolinas, shoes are no longer made in New England, computers and electronics are no longer produced in California, etc etc
-dd