A Nation at Risk (NAR; National Commission on Excellence in Education, 1983) had a tremendous impact on what schools do and has since spawned other reforms that attest to the report’s ongoing influence. Coming in the wake of a decade of economic stagnation and import pressures from overseas producers, the authors of NAR blamed these problems on schools. In this article, we show that there was little justification for this conclusion, then or now. Although education clearly plays a role in the economy, it is only one of many factors. We find little evidence that there is a large or growing mismatch between worker skills and employer demands. Moreover, the American work force and economy continue to be among the most productive in the world. We should improve our schools and our economy, but real improvement will only occur when their problems are correctly diagnosed.