On one hand the past it one is correct about the spend not being enough. However it's more about the Burnley's, Bournemouth's, West Broms, Swansea's and Huddersfield's et al ...that it applies to.
He must have forgot the likes of Lakaku and Pogba alone cost more than Burnley who the rags drew with or Bristol City who they lost to.
Football is completely unfair as a "sport". It's basically a business. I have always maintaned that a salary cap/transfer cap was the fair way to make FFP. However that doesn't guarantee the big clubs carry on winning.
It's got to the stage now that manager's don't try and improve what they have. They just moan that they haven't spent enough. Ironically it's admitting they are not any good at managing.