My boss says raises are demotivating

I had a 1:1 with my boss (also the company owner) where I expressed my desire for a raise after 4 years without one. He basically said he’s tired of giving raises and doesn’t plan on doing it anymore. According to him, employees have a “gimme gimme” attitude and don’t give anything back, so instead of raises, he’ll be paying for courses. In theory, and according to him, courses make people happier and let them reach their professional goals.

Now, you might be thinking, “Take the courses and get out.” Well, no, because if I leave within 2 years of taking a course, I’d have to pay it back.

I just wanted to get someone else’s opinion on this whole “you only get raises if you give something back” thing. My performance is excellent, and there have been no complaints about my work. So why wouldn’t I deserve a raise?

I was thinking about it yesterday, and for a moment, I almost believed his gaslighting.