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People seem to forget that a year and a half ago Liverpool were in turmoil, Hicks and Gillett did their best to kill the club, and when Hodgson left we were fast approaching the relegation zone. Kenny turned things around in the second part of last season, but there's no denying it, this league campaign has been an absolute disaster. I blame Comolli, who has bullsh*tted his way into a number of similar jobs, and the acquisitions for which he has been responsible have been toilet in my opinion, other than Suarez and Enrique.
So I'm not sure Kenny is wholly responsible. With two more world class players including a world class goalscorer I think Liverpool will be a league force again, and in answering your question, I think he deserves at least another 18 months to turn things around and get Liverpoool back in the Champions League.