What is the context of the "We told them it would trickle down" picture where Bush, Reagan and various other folks are drinking wine and laughing?

by rounding_error

You know, this picture. At what event was it taken? What is everyone actually laughing at?

Agent_Sean

It's a picture after Walter Cronkite's last interview with then president Ronald Reagan. They are apparently having some sort of small celebration and this picture was presumably taken after some kind of joke or humorous anecdote. source

Edit: wording