Is it a war on the one percent, or just leveling the playing field?
President Obama tripled down at an event Tuesday, where he announced the creation of two new manufacturing institutes aimed at creating quality jobs in the Midwest.
"While those at the top are doing better than ever, average wages have barely budged. Too many Americans are working harder than ever to keep up and it's our job to reverse those trends. We've got to build an economy that works for everyone, not just a fortunate few," Obama said.
The president wants to raise the minimum wage by 39 percent.
CNN's Erin Burnett asks Kevin O'Leary, who makes a living helping small business owners become millionaires as a judge on ABC's reality show "Shark Tank" - about his perspective when, according to one report,(OXFAM) the richest one percent of the population own 46 percent of global wealth. And in the United States the richest one percent has grown 150% since 1980.
Why not change the policy now and help the less fortunate?
"It would be a huge mistake. The reason they're the 1% is because they created businesses, products and services that were very successful, employed millions of people, paid billions in taxes," says O'Leary. "All of the wealth in America doesn't come from government at all. It comes from the backs of people like the 1% that created the businesses and hundreds of thousands of jobs."