Richard Fisher, Barclays Senior Advisor and former president of the Federal Reserve Bank of Dallas, says America's "horrifically bad" primary and secondary education system is the biggest long-term threat to the U.S. economy.

Fisher worries the U.S. will struggle to compete with other countries like China, where he says there is a more of a cultural and family emphasis on education – especially science and math.

Watch the video above for more from Fisher on education.