From the executive summary of the final report of the National Mathematics Advisory Panel:
During most of the 20th century, the United States possessed peerless mathematical prowess—not just as measured by the depth and number of the mathematical specialists who practiced here but also by the scale and quality of its engineering, science, and financial leadership, and even by the extent of mathematical education in its broad population. But without substantial and sustained changes to its educational system, the United States will relinquish its leadership in the 21st century. This report is about actions that must be taken to strengthen the American people in this central area of learning. Success matters to the nation at large. It matters, too, to individual students and their families, because it opens doors and creates opportunities.
Much of the commentary on mathematics and science in the United States focuses on national economic competitiveness and the economic well-being of citizens and enterprises. There is reason enough for concern about these matters, but it is yet more fundamental to recognize that the safety of the nation and the quality of life—not just the prosperity of the nation—are at issue.
Full Report [PDF]