If you get a 3.5% raise each year for 8 years (staying in this position), you'll hit the max of $27. Unfortunately, due to hopefully only moderate inflation, you will have effectively received no raise at all. It's possible that if inflation outpaces your yearly raise, you are taking a pay cut.

If that range never increases after those 8 years, the company is extra screwing everyone they fill into that position going forward.

If you stick to the same job without moving up to a higher job title in those 8 years, you're either unambitious, not a strong performer, or the company doesn't think you are a strong performer. There are other factors which may prevent you from moving up, but those are the basic ones.

You may even enjoy the job enough to not see a reason to change things, which is perfectly fine, though keep in mind getting too comfortable at a company where you've maxed out your potential earnings means you will effectively start losing money due to inflation.

Finally, this is all assuming the company even gives out yearly raises. If you're working for a company that waits for you to beg or demand a raise, especially if they deny any sizable raise which would compensate for inflation, they're grifting you hard and you need to seek employment elsewhere.