Thanks again for all the response. I agree, not a good thing to compare industry vs academia. Juss by asking low 60s I am taking a 15K paycut (my comp goes to high 70s with my yearly bonus).
It's not exactly a pay cut if $60K is for a 9-month contract. That's $6,666/month, the equivalent of an $80K 12-month salary. Of course, that doesn't help you entirely if you need or want to earn $80K, but the summer is yours to do with as you wish, money-earning or not. I worked a regular 12-month office job for years, and while the pay was nice, there are benefits to the academic calendar.