I'm pretty sure that if everybody in the world was able to create their own salary, everybody in the world would be overpaid. In the United States, congress has a historically low approval rating, yet like clockwork they get paid more and more every year. It's easy when you can just vote to give yourself a pay raise. the president of Iceland is one of the few politicians out there that care more about country than his own personal checking account.
It was a good move by the president of Iceland refusing a pay hike is indeed a commendable move that should be emulated by government officials around the world. Government officials are public servants who are supposed to oversee public welfare and not businessmen to enrich themselves with tax payers money. Those who want to become wealthy should quit and enter the corporate world.
Government employees love to complain about their pay and benefits, but the truth is that government employees are overpaid. The vast majority of government employees couldn't go into the private sector and make even half of what they make working for the government. Then they complain about it and demand a pay increase. They are ungrateful on the backs of tax payers.
Yes, government officials are over paid because they need to know what it's like to suffer like their people. They need to make as little money as possible in order to pass laws that will help those who face similar situations. Rich politicians will not understand what the average person goes through.