On Government Spending, Deficits, Etc.

Dave Johnson

There is much worry throughout the land about government spending, borrowing, deficits, debt and similar concerns.

Conservatives are loudly declaring that the dollar is in danger, that the country is going bankrupt, etc. and are demanding that spending be cut back.

In the category of “All That Needs To Be Said About That” I submit for your consideration the following from today’s news:

Lockheed F-35 Is 62% Over Cost, Document, Data Show,

Lockheed Martin Corp.’s F-35 jet fighter, the Pentagon’s most expensive program, has risen about 62 percent in cost and is four years behind schedule, according to Pentagon documents and new data.

Production of the airplane was projected to cost an estimated $143 billion for 2,852 aircraft when it began in 2002. The Department of Defense now says it will cost as much as $232 billion for 2,443 aircraft when calculated in 2002 dollars, according to figures released Friday.

Development and testing, originally to be finished in March 2012, won’t be done until April 2016, the documents say. Full production of the planes also has been delayed four years from what was once an April 2012 date. [emphasis added]

$232 BILLION. For just one jet fighter program. The fighter is largely justified as needed to fight the Soviet Union, which dissolved nearly two decades ago.

Is there anything else to say on the matter?

Oh, yes, $140 BILLION for Wall Street bonuses this year.

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