Chairman Smith on PCE, GDP Reports: Working Families Are Seeing Bigger Paychecks, America’s Economy Is Growing, and Inflation Is Coming Down

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the release of the June reading of the Personal Consumption Expenditures (PCE) price index, showing core inflation fell to 3.3 percent and the Q2 2026 gross domestic product (GDP) reading, showing GDP grew at 1.5 percent on an annualized basis:

“America is moving in the right direction. Inflation has fallen significantly from the painful 21 percent cost of living spike created by the Biden Administration, and core inflation remains near pre-Biden-era norms. Working families are seeing their paychecks grow because of policies like No Tax on Tips, No Tax on Overtime, No Tax on Social Security, a larger Child Tax Credit, and a bigger standard deduction. This is relief that every Democrat in Congress voted against.

“Republican policies are helping fuel economic growth in communities across America: tax certainty and pro-growth policies included in the Working Families Tax Cuts are giving businesses the confidence to invest in America – expanding their operations, purchasing new equipment, and creating good-paying jobs for American workers. That is the difference between policies that grow the economy and the failed approach of Washington Democrats that left families paying more for their basic needs and made it harder to get ahead.”