A chilling comment by the president

In a press conference yesterday, President Obama said something that I think reveals a lot about what he and others on the left believe:

...in fact, I'm able to keep hundreds of thousands of dollars in additional income that I don't need, while a parent out there who is struggling to figure out how to send their kid to college suddenly finds that they've got a couple thousand dollars less in grants or student loans.

So anyone who brings in more money than they spend doesn't "need" it? It's not up to government to decide whether I "need" any of the money I make. Indeed, this is a recipe for economic disaster, as John Steele Gordon puts it:

Take away the income the rich “don’t need” and spend it on social programs, and capital formation in this country drops to zero.