Implying that entrepreneurs will leave the largest economy in the world en masse and head to a small, Latin American economy, just because a democrat got elected is, in fact, wackjobery, even to the point of making anything else said in the same comment of dubious credibility. Chile's economy isn't even 10% the size of California's.
I would restate the claim as "Obama will take actions that make the US economy much worse than it would have been without those actions (which is what people usually mean when they reference productive people fleeing a country)." If you agree that it can be restated that way, then it seems we have a real disagreement over whether Obama's stated plans will make things worse. This has nothing in particular to do with his being a Democrat.
Chile (or Argentina, or other South American countries) just happens to be under discussion in this thread; I would agree that if productive people start fleeing the US for economic reasons, only a relatively small percentage will flee to Chile or Argentina. That just didn't seem important to the real thrust of the comment, though.
Bear in mind taxes are also quite favorable. Entrepreneurs pay VAT taxes and that's about it; there no bullshit taxes on capital gains, either. And for what it's worth, if you don't have a citizenship, knowing you have the right to a fair trial if you're arrested is nice.
