History: United States Of America, 1940

Income and human development
According to the United States Census Bureau, the pretax median household income in 2007 was $49,777. The median ranged from $65,469 among Asian American households to $32,584 among African American households. Using purchasing power parity exchange rates, the overall median is similar to the most affluent cluster of developed nations. After declining sharply during the middle of the 20th century, poverty rates have plateaued since the early 1970s, with 11–15% of Americans below the poverty line every year, and 58.5% spending at least one year in poverty between the ages of 25 and 75. In 2009, 43.6 million Americans lived in poverty.
The U.S. welfare state is one of the least extensive in the developed world, reducing both relative poverty and absolute poverty by considerably less than the mean for rich nations, though combined private and public social expenditures per capita are higher than in any of the Nordic countries. While the American welfare state does well in reducing poverty among the elderly, the young receive relatively little assistance. A 2007 UNICEF study of children's well-being in twenty-one industrialized nations ranked the United States next to last.