Job growth is also the reason why China is keeping its currency cheap: mass unemployment means instability.
So, give the wealthy the opportunity to ship twice the number of widgets at half the profit and they'll just have to give someone a job, regardless if it's the lowest possible paying jobs that will only be temporary anyway until the cost to make the widget also increases because of the supplies they need will now also cost twice as much.
Then when China out-deflates us to make the widgets even cheaper, all that temporary labor will be on unemployment and need taxpayer provided benefits and health care. Win-win for the factory owner.
And twice the number of widgets at half the profit - how is that a good deal for factory owners?
Finally, Portugal is a country with a very expensive currency. Because of that, unemployment is huge and they're in big trouble.
If the US is still in a position where its technology is superior and China's ~600 million new consumers demand and buy US technology, then it will result it massive US exports, windfall profits, and the perceived debt problem goes away. Part of the US strategy is to make sure it's in a position where China's new middle class demand and buy US technology.