The 36-year effort to provide a second chance at labor market success for disadvantaged and dislocated youth and adults was reviewed. The following issues were considered: (1) current legislative proposals; (2) lessons from past employment and training programs; (3) the labor market challenges faced by young adults, older workers, dislocated workers, immigrants, and welfare recipients; (4) employment opportunities and job requirements; (5) requirements for a fourth chance for second-chance programs; (6) initiatives facilitating earning a family-sustaining wage; and (7) needed legislative changes. The data indicated that past efforts have generally experienced modest success for adults but not for youth. The following were among eight recommendations offered for policymakers and program operators: (1) agree at the state and local levels on targets to be achieved by second-chance programs; (2) enlist the cooperation and support of private and public employers to provide subsidized on-the-job training; (3) continue case management relationships until placement targets are achieved; and (4) reconcile pending House and Senate legislation on second-chance programs. (Twenty-seven figures/tables are included. A list of growing high-paying occupations accessible to workers with no more than 2 years of postsecondary education and a discussion of the mission of fourth chance legislation are appended. Sixty-five endnotes are included.) (MN)