White House touts economic growth, says minimum-wage hike would spur recovery

The White House on Thursday touted a 3.5 percent rise in GDP in the third quarter of 2014 but argued that the implementation of Democratic priorities — such as a hike in the nation’s minimum wage and the passage of equal pay laws — would accelerate growth.

The third-quarter growth follows a 4.6 percent jump in the second quarter and is driven by growth in U.S. exports and increased business investment, the administration said. The GDP dropped by 2.1 percent in the first quarter of this year, which the White House blamed largely on a harsh winter.

On the campaign trail, President Obama and Democratic candidates are using the rebounding economy as a major part of their election pitch, and White House officials used Thursday’s report to again make the case for action on a number of administration priorities.

“Since the financial crisis, the U.S. economy has bounced back more strongly than most others around the world, and the recent data highlight that the United States is continuing to lead the global recovery,” said Jason Furman, chairman of the White House Council of Economic Advisers. “Nevertheless, more must still be done to boost growth both in the United States and around the world by investing in infrastructure, manufacturing, and innovation; and to ensure that workers are feeling the benefits of that growth, by pushing to raise the minimum wage and supporting equal pay.”