The President is just one step from being a dictator

So, in case you haven't heard (and even if you do watch the news on TV which I don't do you probably won't have), there is a new law in effect that gives the Unites States President, who is currently George W, essentially dictatorial powers. You can read about it here if you want. It's a presidential "directive" (something that didn't even exist until recently) , which is basically a law that the US president can create without the approval of congress or the Supreme Court (whatever happened to checks and balances?). The directive states that if there is a catastrophic emergency, which could be one of many things, the president of the United States, along with a separately selected group that he chooses (and is not elected) the power to take over and run the country.

Does this make sense? I don't think so. What can a person do to work on having it revoked? Can only the president revoke it? Can we impeach him if this is in effect?