limit salaries for The President, Vice President, Representatives and Senators to a wage based on their approval rating.

Like in any job, incentives are important! So is not over paying people who are not doing a satisfactory job.
Limiting elected officials to a pay scale based on their job performance would offer those incentives for those who act in the interest of the American people, as well as save us money on those who are doing an unsatisfactory job!
If we cut a politicians salary by 55% if their approval rating is 45% we will see significant deficit reduction. Likewise if they have a 100% approval rating, they will be paid for a job well done.