People have been saying that about Arsenal for over a decade now.
Now is different than past criticism.
The TV money wasn't what it was back then, we were in a lot of debt because of the stadium deal, our sponsorship deals weren't all that good, we were losing our best players/captain pretty much every season. We would start every year having to make up and replace people just to hope to replicate results from the previous year.. And ontop of that, United and Chelsea were totally dominant. It felt better to root for the team because it felt to me like we were always pushing through adversity. And I was happy with what we were doing because I felt like the team had been doing whatever it could.
But even though they haven't been as good as they have been in the past over the last couple of seasons, even with the debt paid (nearly) off, even though we have been able to keep a hold of our best players without losing any key components in the last several years. We cannot, for some reason, build on what we already have. We can't, fill basic obvious glaring holes that the team has, we can't for some reason, spend money even when it's there. And all that is made worse by Wenger's inability to make adjust to any adversity tactically and his decisions in game and his roster selections continuously have gotten more suspect over time.
There are really no excuses now for Wenger and the FO. The team is completely stagnant. Results and performances are predictable, and there is really nothing to look forward to. Really no hope of over achieving. Any damage to the club now is 100% self inflicted, and we don't have anyone else to blame for any trouble other than ourselves. It's humiliating.