pokergirl, that's not what he said.
The way that I see it, his remarks are aimed at those who want to see a pay rise that is not sustainable by the Company. If you are adamant that you want more than is able to be offered in order to support your lifestyle, then you must look elsewhere.
So really, it depends whether you believe that the Company is offering all that it can afford to or not. If you believe them and you need more, then you have no alternative but to go elsewhere in order to get it.