It may not work the way it’s supposed to but plenty of folks got paid. (And will continue to.) So taxpayers, you can be happy about that.
(From The Scientific American)
The Pentagon is trying to argue that just because taxpayers have flushed more than $100 billion down the proverbial toilet so far, we must continue to throw billions more down that same toilet. That violates the most elementary financial principles of capital budgeting, which is the method companies and governments use to decide on investments. So-called sunk costs, the money already paid on a project, should never be a factor in investment decisions. Rather, spending should be based on how it will add value in the future.
Keeping the F-35 program alive is not only a gross waste in itself: Its funding could be spent on defense programs that are really useful and needed for national defense, such as anti-drone systems to defend U.S. troops…
…Other critics have been even harsher. Pierre Sprey, a cofounding member of the so-called “fighter mafia” at the Pentagon and a co-designer of the F-16, calls the F-35 an “inherently a terrible airplane” that is the product of “an exceptionally dumb piece of Air Force PR spin.” He has said the F-35 would likely lose a close-in combat encounter to a well-flown MiG-21, a 1950s Soviet fighter design. Robert Dorr, an Air Force veteran, career diplomat and military air combat historian, wrote in his book “Air Power Abandoned,” “The F-35 demonstrates repeatedly that it can’t live up to promises made for it. … It’s that bad.”