The Reds picked up their first trophy in six years by beating Cardiff in the Carling Cup final and they will be back at Wembley to face Everton in the FA Cup semi-finals. However, their Premier League form has been poor. Sunday's 2-0 defeat at Newcastle was their sixth in seven league games and they have lost eight out of 12 since the turn of the year.
It is a situation Aldridge - who played under Kenny Dalglish in the 1980s during the Scot's first spell in charge - feels needs addressing urgently. Writing in the Liverpool Echo, he said: "There is no getting away from the fact that Liverpool are now in a crisis."
He continued: "To lose six out of seven in the league is something the club won't ever tolerate, we can't tolerate that. To have picked up just eight points out of 36 since the turn of the year is shambolic - that's relegation form.
"The fact that this is the worst run in the league since 1954 speaks volumes. Questions are being asked and they need to be answered. The eyes of the world are on Liverpool and the critics are having a field day. We're becoming a laughing stock.
"We're all proud to be associated with the club and everything it has achieved over the years. But at the moment being a Liverpool fan is just embarrassing and that's something I haven't had to say before."
Aldridge has pointed the finger of blame at the players, who he has called on to show more pride.
He said: "The team just seems to have lost their belief. You can blame the manager and the coaching staff but at the end of the day it comes down to the players. They are getting paid unbelievable amounts of money and aren't producing the goods. Some of them should take a long hard look in the mirror.
"They are playing for Liverpool Football Club - one of the biggest clubs in the world - it doesn't get much better than that. They need to realise how lucky they are and start doing it or their Anfield careers won't last much longer. More than anything I want to see some pride. That's all we're playing for in the league now but there doesn't seem to be much pride around."