LAWRENCE S. WITTNER – Some 47 million Americans live in poverty, and a key reason is the decline of the minimum wage. First established under the Fair Labor Standards Act of 1938, the nationwide minimum wage was designed to lift millions of American workers out of poverty and to stimulate the economy. Unfortunately, however, it was not indexed to inflation, and big businesses — hostile from the start — fought, often successfully, to prevent congressional action to raise it.