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Why did the mayor of Niles, Ohio, take a 50 percent pay cut?

Answer: to balance the budget

Tom Scarnecchia, mayor of Niles, Ohio, confirmed on May 13 that he is taking an annual pay cut of $34,000 to help alleviate the city’s projected $130,000 year-end deficit.

“I think that him making that personal sacrifice should show the citizens that he’s doing the very best he can. He loves Niles,” Councilman Barry Steffey told WKBN.

Such personal sacrifices are sometimes also found among captains of industry in Japan, where CEOs may forgo bonuses, large salaries and perks. Last year, CBS ran a story detailing how the CEO of Japan Airlines wears discount suits and rides the bus to work.

"If management is distant, up in the clouds, people just wait for orders," Haruka Nishimatsu told CBS News through a translator. "I want my people to think for themselves."