Your spending was a lot of things, but certainly not very sensible. You adressed needed positions and roles, brought in supreme individual quality, but the amount you spend for that was staggering. Over the last two transfer windows you created a net spend of around 200 Mil. €, Liverpool´s in the same time frame was not even a third of yet, despite their task of replacing their star player and bolstering the squad enough to be prepared for the CL.
It is easy to criticise the "scatter gun" approach of Liverpool (or the Spurs for that matter), but the truth is that replacing a world class player is a huge task for a club of Liverpool´s standing. They can´t bring in a world class player in return, because they are not in the position to attract him. One really good season does not grant them the status of an elite club and they also can´t pay the enourmous wages to compensate that.
So the only real approach they have left is to split up the burden on multiple shoulders and at the same time bring in talents, which might turn into top class players. Rodgers chose with Lallana, Lovren and Balotelli PL proven players and at least in the first two cases overpayed for that. On top of that he signed players like Moreno, Markovic, Can and Origi which have yet to hit their ceiling.
The thing that Rodgers needs the most right now is time to integrate his new players in his system and made said system click again. Unfortunatively for him, the fierce competition in the PL won´t give him that luxury, though. This is his biggest test as coach until now. To keep the team functioning on a high level after one of the big boys took what they wanted. This season will show just how good of a team builder he is. In difference to other great squad builder like Simeone, Conte or Klopp he faces even harder circumstances, though.