Blackburn couldn't sustain their spending and City/Chelsea should not have been able to sustain theirs, but this doesn't change the fact you guys spent as well....just like Arsenal are spending these days. The fact that Chelsea has outspent us in the last 5 years, doesn't really add a whole lot to the reasoning why Arteta hasn't won. That Pool spent more than you during the late 90s and early 2000s is kinda irrelevant since they never beat you to a title, just like Chelsea never beat us.
For the majority of your most successful years, we were your biggest challengers and you outspent us, so you had plenty on hand in my opinion. Wenger, I think should have spent more or tipped his hand to force the board to spend more at the time instead of letting his fantastic team to be dismantled like that.
You spent 30 mil on guys like Veron and Rio and at the time, that was way out of our league. It's hard for me to say...yea you guys were operating on a tight budget.