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For the first time in a while, Liverpool boast an attacking force that screams quality. Not taking into account any further summer business (and in any case, the addition of Willian would strengthen Liverpool even further, while Arsenal haven't been linked with anyone as strongly), Liverpool have attacking options, and Arsenal don't.
Daniel Sturridge is a striker on top of his game and would walk into the Arsenal side, beating off competition from the inconsistent Olivier Giroud and Lukas Podolski. The same can be said of Luis Suarez. It seems that this season, Liverpool have a better bunch of players who are able to score goals.
If Podolski or Giroud were to be injured, Arsenal would have no real striker to play, whereas Liverpool have Iago Aspas, an exciting prospect who has impressed consistently in every game he has played, as well as Fabio Borini (though listing him as a better player than any Arsenal striker wouldn't be fair).
But in any case, Liverpool have much better attacking depth.
Jack Wilshere is a fantastic playmaker, but Philippe Coutinho is an all-round better player, and at the same young stage of their careers their potential is equal.
Santi Cazorla is a world-class player, but at the same time so is Steven Gerrard, so again, Arsenal have no advantage in the midfield area, arguably the strongest area of their squad.
Liverpool are just the better side offensively, and with Brendan Rodgers looking for another world-class attacking addition (and with Wenger saying nothing), it looks likely to stay that way.