In recent years, there has been a great deal of national and international talk about the so-called "knowledge economy" which is of particular interest to policy-makers, economists, and a host of other groups. One of the consortium groups interested in the knowledge economy is the Task Force on the Future of American Innovation. The Task Force is comprised of a number of related member organizations (including the American Physical Society). This February 2005 report from the Task Force explores the possibility that the United States may in fact be losing its leadership role in science and innovation, a position it has retained since the conclusion of World War II. Some of the benchmarks that the report mentions include the fact that the proportion of US citizens in science and engineering graduate studies within the US declined by ten percent between 1994 and 2001. This very timely report will be worth a read, particularly for those in the fields of academia and innovation studies.