i dont think they've spent a great deal though, sold a few player on too. probably the reason they are struggling, because they've not spent beyond their means, with Moyes running out of enthusiasm to make do.
Everton will finish between 11th and 15th this season I think, they're not as bad as you're suggesting and they're being managed by someone who knows what they're doing. They are not relegation candidates, they're just a bit average at the moment and lacking the spark they usually have. The difference between this season and last, is that by this stage last season they'd probably about 5/6 players fewer than they have this season. They're a side built on teamwork and team ethic, and to keep having to change the side isn't doing them any favours.
Look at the team today, they have 3 right backs in the back 4! Coleman (youth product), Hibbert and Neill. That doesn't help either, and it's shown a few times that they lack the presence of a central defender in there to keep them organised. There's no Leon Osman in the side either at the moment, he's been struggling. Fellaini is disappearing into the background when last season he was scoring a load and playing brilliantly. Jo up front is just awful, and it's no suprise that now Yakubu and Saha are on, they're looking a better side.
Don't be worrying about Everton going down, there's not a chance. Especially when Jagielka, Neville and Arteta get back fit and playing every game, same with the Yak and Saha up top.
I personally think they are being managed by someone who has had enough and needs a new challenge and in reference to the 8+ injured first teamers, Newcastle had that for most of last season and naturally went down as a result, luckily for them they will bounce straight back with 100+ points though.
Everton have now started to play pretty well though with the introduction of Sahahahahahaha and never rule out a Cahill goal.