New York City: Chopping from The Top

Chopping from The Top

Politicians often shoot themselves in the foot, but rarely do they slash their own pocketbooks. Yet New York City Mayor David Dinkins has decided to do just that in the face of a projected $1.7 billion municipal budget gap for this fiscal year and next. Last week Hizzoner imposed a 5% pay cut on himself and 700 city managerial officials who earn at least $70,000 a year. Dinkins, who currently makes $130,000, will thus lose about $6,500 in salary.

The mayor hopes the move will improve the city's financial situation by saving more than $4 million this year and that its...

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