Diary Entry - 10/17/1981
Key Facts
President Reagan attends a Cabinet Council meeting to discuss the latest deficit projections.
President Reagan attends the 40th Anniversary of the United Service Organizations "Bob Hope and his Friends Salute the U.S.O.".
Over to the Cabinet room for a 10 A.M. meeting. Another bomb—the latest figures on deficit projections—bad. It seems our success is actually hurting us. Inflation is a tax. We have brought inflation down so much faster than we anticipated that tax revenues will be lower than we figured. We force the prospect of low inflation & lower interest rates—all of which is good—but gigantic deficits & that’s bad. Sen. Jennings Randolph—Dem. 37 yrs. in the Senate called to tell me he would be with me on A.W.A.C.S. That is good. He was very sincere and said he wanted to help me. I was touched. Ten minute interview with Trudy Feldman. Back to the house & our guest arrived—Bob Hope. Tonite the big U.S.O. dinner honoring Bob. I made him an Ambassador (WorldWide) of Good Will. It was a glittering affair.
