They be like, "Ooh, let them eat cake."
But we eat wings and throw them bones on the ground
This line is saying that the rich, wealthy, and high-status powers claim they share their wealth and freedom with the public but it is not actually true. Janelle & Erykah reject their claims and continue to be proud and work for their own.
“Let them eat cake” is a reference to what Marie Antoinette is supposed to have said upon hearing of the plight of the starving French peasantry just prior to the French revolution. She most likely didn’t say it, but it was attributed to her as a dismissal of the suffering of the lower class.
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It’s a similar sentiment to later when she says, “They keep us underground working hard for the greedy/when it’s time to pay they turn around and call us needy.”
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