Just days before its international debut at an airshow in the United Kingdom, the entire fleet of the Pentagon’s next generation fighter plane – known as the F-35 II Lightning, or the Joint Strike Fighter – has been grounded, highlighting just what a boondoggle the project has been. With the vast amounts spent so far on the aircraft, the United States could have worked wonders, including providing every homeless person in the U.S. a $600,000 home.

It’s hard to argue against the need to modernize aircraft used to defend the country and counter enemies overseas, especially if you’re a politician. But the Joint Strike Fighter program has been a mess almost since its inception, with massive cost overruns leading to its current acquisition price-tag of $398.6 billion – an increase of $7.4 billion since last year. That breaks down to costing about $49 billion per year since work began in 2006 and the project is seven years behind schedule. Over its life-cycle, estimated at about 55 years, operating and maintaining the F-35 fleet will cost the U.S. a little over $1 trillion. By contrast, the entirety of the Manhattan Project – which created the nuclear bomb from scratch – cost about […]