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White House Diaries
October
17
1981
October 17, 1981
Saturday, October 17, 1981
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.
