Findings and purpose

(a) Findings Congress finds the following: (1) It is a national priority that work pays a living wage to all workers and that the Federal minimum wage be aligned with the actual cost of living. The wage increases established by this Act, including the attainment of a $25 hourly wage, are steps toward that goal and shall be followed by continued adjustments to ensure that the minimum wage remains responsive to changes in wages and economic conditions over time. (2) Based on the best available data, including wage data from the Bureau of Labor Statistics and economic projections from the Congressional Budget Office, a minimum wage of at least $25 per hour represents a conservative baseline step toward aligning wages with the cost of living nationwide. (3) Large, highly profitable corporations have the greatest capacity to raise wages and should therefore lead the transition to higher wage standards before smaller employers. (4) A Federal minimum wage aligned with median wages over the long-term ensures that wage standards rise with the economy, prevents future erosion of purchasing power, reduces reliance on public assistance, and promotes broad-based economic growth. (b) Purpose The purpose of this Act is to place the Federal minimum wage on a durable path toward a living wage that remains indexed to wage growth thereafter, while requiring large corporations to lead the transition and providing additional adjustment time for other employers.