Research into final league positions vs wages in English football since 1974 until 2010 (I think, possible 2011) has shown that 90% of where a team finishes is dependent on where their wages sit in that particular table.
What you spend on transfer fees however does not seem to impact final...
I don't doubt that our budget is not among the top six in this division.
BUT, if you have a limited budget you have to juggle your finances. Wayne Bridge and Bruno are great additions to the squad but would their combined wages have not been better spent elsewhere? If you have a limited budget...
One of the problems with the 'lets get promoted in a season or two' argument is that, well, it isn't just up to us. Who knows how competitive the league will be next season, or the season after?
I am not saying we have a divine right to expect promotion, or that I would be hugely disappointed...
Statistically the last 30 years have shown that teams will roughly finish the season in line with where their wage bill sits in context with other teams.