Click on over to Zero Hedge and read the whole thing. It's the post I was planning to write, but Tyler beat me to it. And did a better job anyway.
Obama's asset confiscation scheme is described in The Hill:
Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.Leftists have never been good at math. You try to take out $205,000 a year out of a $3 million dollar account and you are quite likely to outlive your savings... which would make these leftists quite happy, I suppose, to see a bourgeois traitor to the revolution starving in his old age. Whether the limit is inflation-indexed isn't explained yet as details are expected next week, but it's a sure bet the inflation index won't keep up with the cost of food, housing, health care, and energy any better in the future than it has to date.
Anyone with better-than-average savings would be wise to start getting some of it outside the grasp of the U.S. government. Buy some property or some gold overseas. Sovereign Man is a good resource to start planning.