This paper shows that participation in crime and involvement with the criminal justice system has reached extraordinary levels among young men. With approximately 2 percent as many men incarcerated as in the labor force, the crime rate should have plummeted. It didn't. Evidence suggests that the depressed labor market for low-skill American workers contributed to the continued high level of crime by less-educated men, despite incapacitation and the deterrent effect of imprisonment. The costs of incarceration are such that even marginally effective prevention policies can be socially desirable.