The conservative version of "I'm movin' to Canada!" Referring to John Galt from Ayn Rand's novel "Atlas Shrugged", Going Galt means leaving what you see as a society crumbling in on itself and going somewhere else to watch it all burn to the ground.
I can't believe that socialist Obama was elected in a statistical landslide. I'm Going Galt!!
A reference to Ayn Rand's "Atlas Shrugged" where the society's creative leaders (inventors, artists, captains of industry) go on 'strike' to "stop the motor of the world" and lead to the collapse of the collectivist society portrayed in the novel.
'Going Galt', then, refers to taking your (economic) ball and going home.
Ironically, the people most likely to use this phrase are those who's economic contribution could be best described as limited.
A: "I can't believe that communist Obama with his socialist policies might get re-elected and raise the marginal tax rate by 3%! I'm going Galt!"
B: "But your job as an internet troll doesn't pay you anything and I don't think you know what most of those words mean".
A: "You're violating my first amendment right to freedom of speech! Fascist!"