“We can’t afford to give you a raise”

I was denied my request for a raise from my CEO today, because the company “can’t afford it”. All I wanted was a raise in line with inflation. Funnily enough, he could afford a $100k truck, new 5 bed house, house extension, bathroom refurbishment, all in the last year. The best part was, he told me “I don’t want you to think I’m not making sacrifices too, I’m only going on 1 holiday this year instead of 3”. When a business is struggling, why is it that the workers have to suffer financially but the business owner doesn’t? Isn’t that supposed to be the whole risk/reward side to owning your own business and being responsible for how it performs?