Word: offsets
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...progress is not creating jobs while it obviates them. Nor will railroad jobs be opening up twenty years hence. The fact is that automation renders certain jobs and skills extraneous, and just a handful of growth industries (chemicals, electronics, book publishing) are expanding at a rate broad enough to offset the modernization lay-offs...
...Moon Race. Giannino steers the textile company as deftly as he did his Ferraris. Though he has raised wages 250% since taking over in 1958, he has automated so rapidly that increased productivity has offset higher labor costs. As a result of more efficient methods, Giannino this year will eliminate 1,000 of the 8,000 jobs in the Valdagno mill. To keep from firing anyone, he will shift the displaced workers to new Marzotto plants near by, where blankets and high-fashion clothes will be turned...
Philco got into trouble when sales of its consumer goods fell off so sharply that they were no longer enough to offset the heavy costs of developing computers and other new products. Philco's plight interested a young Ford executive named Charles E. Beck, now 41, whose assignment was to find companies for Ford to acquire. Beck saw Philco as a company without the money to capitalize on opportunities, but with an enviable record of scientific development: the first TV set that would operate without a roof aerial in 80% of U.S. homes, the first horizontal freezer compartment...
While the second issue of the magazine closely follows the editorial pattern set forth in the first, one fairly important mechanical change has been made. The Review has substituted letterpress printing for the rather fuzzy photo-offset process it used last time. Margins are wider and typography is clearer; the redesigned cover is superb. One gets a general impression of expertise: here are people who know what they are about...
...corporations, Kennedy proposed to drop the tax rate from the present 52% to 47%-a cut of another $2.6 billion. This tax saving would at first be partially offset by a speedup Kennedy proposed in the scheduling of corporate tax payments...