Is the United States getting it wrong when it comes to educating tomorrow's innovators in critical fields? It has been known for years that the only way to compete globally in information technology, engineering, nanotechnology, robotics and other fields is to give students the best educational opportunities possible. But do individuals have a successful formula when it comes to science, technology, engineering and math (STEM) education? In this report, the authors challenge the nation's approach to STEM education and argue that reforms are urgently needed to better match the talents of students, the needs of employers, and its goals. (Contains 19 tables, 42 figures, and 623 endnotes.) [Funding for this paper was provided by the Intel Corporation. For "Refueling the U.S. Innovation Economy: Fresh Approaches to Science, Technology, Engineering and Mathematics (STEM) Education. Executive Summary," see ED521736.]