In this brief paper, the author asserts that our nation would be well served if our elected officials made improving graduate education a high priority. At first glance, graduate education seems like an unlikely candidate for the legislative front burner. Surely, Americans are beset by far more critical issues, such as the war on terrorism, homeland security, and soaring health-care costs. Rising deficits mean that much domestic discretionary spending may be cut over the next few years. Graduate education, however, is not only a private benefit but also a public good. As such, it is worthy of public investment. Some increase in graduate student compensation is urgently needed if our graduate programs are to carry out their mission of producing the faculty who teach our undergraduates, train our workforce, and advance the applied and basic research initiatives that contribute to the well-being of all current and future Americans.