No of course not, any matter of spending taken in isolation paints a misleading picture.
here is some wage bill information.
http://www.totalsportek.com/money/en...-club-by-club/
Im not sure about the accuracy but as it shows Arsenal run in 4th place some £20-30m down on the other teams in the top 4. add that over the 5 years and they are £100m better off on the outlay budget approx.
The data is showing us that Arsenal should be 4th and they consistently finish in that top 4, whereas the 3 sides above them are unable to achieve that. The data shows us that Liverpool and Tottenham are significantly outside the top 4 (understandable given the lack of European money). So it is an achievement when the qualify, but highlights the fact that they are unable to do it regulary.
Its worrying as a Cardiff fan seeing the low end of the wage budgets running at £30m