When something good happens, but the negatives already far outweigh anything positive. The positive is small and of little importance when compared to the negative.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.