Nicholas Kristof

We all stand on the shoulders of our ancestors. We're in a relay race, relying on the financial and human capital of our parents and grandparents. Blacks were shackled for the early part of that relay race, and although many of the fetters have come off, whites have developed a huge lead.

Long-term unemployment is particularly costly to those directly affected, of course. But in addition, because of its negative effects on workers' skills and attachment to the labor force, long-term unemployment may ultimately reduce the productive capacity of our economy.