In the EPL, since the 19/20 season (aka since Arteta), Arsenal are 4th in total spend, behind only Chelsea, United, and City, with a total spend of ~600M. City is at 630. United is at 703. Chelsea are at 1020. After Arsenal, comes Spurs (535), Villa, West Ham, Newcastle, Wolves, Leeds, Liverpool (318). In terms of net spend, Arsenal is 3rd at 480, trailing only United at 560 and Chelsea at 615. Spurs and Newcastle follow, at 383, with City in 8th (240) and Liverpool at 13th (145). Thinking that Arsenal won't spend but Liverpool will, for instance, when Liverpool has a lot more to paper over, seems silly to me.
You know what, I actually misread that, so my bad. I just think that expecting continued improvement from aging sides doesn't make much sense to me. Sure, United could have a massive window and paper over those cracks, but right now, their backline is held together with chewing gum and good vibes, their midfield is reliant on a couple people over 30, one of whom has literally already had a heart attack, and their attack is reliant on a white-hot Rashford, who, coming into this season, was being talked about as expendable following a four goal performance last year. Meanwhile, Chelsea and Liverpool both need a handful of midfielders and their best CB is over the age of 30 and declining.
I do like Newcastle to continue to improve, but at the same time, I'm not convinced Eddie Howe has staying power that high in the table. We'll see.