Word: offsets
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...Congress. They see the proposal as inflationary, a feeling that is strengthened by the year's strong first quarter. But the board still agreed that some tax cuts are necessary. Harvard's Feldstein pointed out that the Administration's proposed cuts would do little more than offset "bracket creep," which has pushed people into higher tax categories even though their real incomes after inflation have not risen. Feldstein predicted that there is likely to be pressure for "real tax cuts" later on, after Americans realize that they are no further ahead in buying power...
...meat, fish or chicken, a salad, dessert, rich espresso coffee and a good bottle of Chianti, can easily be found for less than $26 per person. A meal in a more modest restaurant can go for as little as $8. Gasoline is high-$3.25 per gal.-but that is offset by fares on Italian trains: $14 for a first-class one-way ticket between Rome and Naples...
Israel's exports, from armaments to oranges to wine, have grown from $1.4 billion in 1973 to $10.2 billion last year, but not enough to offset $13.9 billion in imports for 1980. Israel's swelling deficit is reflected in its shrinking currency. The depreciated Israeli pound was renamed the shekel 14 months ago and was worth 25?; last week the shekel was selling at an embarrassing...
...much to hope that the invention will offset "the box"-the 20-lb. chromed stereo radio that thickens the air of so many American cities with noise pollution. But the mini-stereo makes possible a silent revolution indoors. Denis Ilkovics, a Belgian tourist, bought one in New York for his 13-year-old daughter. "I hope she'll use it instead of those loudspeakers," he sighed...
...transfer, the adjustment can also be difficult. George Duden, 36, formerly at Chrysler, likes his new job as an electrical engineer with Bell Helicopter in Fort Worth. But as is often the case with those who leave the unionized North, he took a cut in pay and benefits-partly offset by lower taxes. Texas living, says his wife Susan, 29, is expensive, and their son "misses fishing in the Michigan lakes." Though Texans are friendly, Duden notes, "Amy Vanderbilt never got west of the Mississippi. There are rough edges down here...