The club needed completely rebuilding, but just so people can know some facts, Arteta so far in his reign:
City
Liverpool
Chelsea - 145 points
United - 142 points
Arsenal - 129 points
Spurs - 124 points
Leicester - 111 points
Since Arteta joined the club, he's 5th in the league on total points. No point looking back at times before that, the league had a lot less money in it whilst Wenger and SAF were around, now the whole league is more competative. This is after having to rebuild the club including getting rid of A LOT of players who were deadwood, and introducing a new style of play after the Wenger era. He's done this whilst also winning some silverware.
So, just to ask you, where exactly do you think Arsenal should be? To me, comparative to spending (we are 4th in spend during Artetas time, behind United, Chelsea and City) and the squad he picked up, Arteta has done a completely fine job. People on here just seem to have a go at him for absolutely no reason, even when the facts are saying he's done the exact job he was meant to and more considering the cup wins. He had a couple rough patches along the way, but considering his experience that was always going to happen. Now after 2 years we actually have some identity and a squad who seem to play together and for each other. If we manage to get top 4 this season, then he's done a fantastic job, and a domestic cup too would be the icing on the cake but we'll see on both of those.
And also, just looking at spend, we spent a fair bit of money on players who we expect to do well in the future, not instant success. I'm not expecting us to suddenly become good because we spent money, it's a long term project. Anyone who says, oh Arsenal spent loads of money so should be doing better isn't really looking at the profile of player. There's some exceptions, aka Pepe mostly though.