This essay contends that America's economic and social prosperity depends on nurturing and improving graduate programs, and that both universities and policy makers need to act in some very specific ways to secure future success. It first looks at the relationship between graduate training and prosperity, next considers the vulnerabilities in current US graduate training, and concludes by analyzing the implications of those observations for federal policies shaping graduate education. The author begins by examining the claim that a prosperous American future hinges on a highly educated population. At the highest end, this means people with the best graduate education that the world has to offer. As Americans think further about the relationship between graduate education and US prosperity, a healthy skepticism about this link will keep them honest, an orientation toward what now works and what doesn't will keep them relevant, and a deep analysis of the numbers behind both issues will establish their foundation for the future. This essay aims to make progress on the first two items and looks forward to a continuation of this discussion in 2010. (Contains 27 resources.)