I mean, it is and it isn't. I personally keep my lunch cost to $2 by eating leftovers, so $10 daily is excessive even to me. I could personally allow a weekly meal with my coworkers at $10. Nearly $30 daily would be extravagant.
To provide a daily lunch allowance of $70 for a bunch of wealthy elite who make a multiple sounds crazy, and the statement in comparison is audibly tone deaf. The only way I could accept that would be if those meals included their staff.