What type of bubbles are being fueled by cheap cash? Bitcoin, da Vinci, and yes, fighter jets like the F-35 boondoggle.
As Kelley Beaucar Vlahos executive editor of The American Conservative points out about the Washington bubble, “Then there is the expense to the taxpayer, which as of June is projected to be more than $406 billion to complete, and another $1.4 trillion over the life of the programto be maintained. The Government Accountability Office (GAO) said at the time there was a 60 percent increase in the cost estimates from 2001 to 2012 due to three major restructurings of the program. But the military kept building more planes—even delivering them to partner countries—throughout the development stage, even though operational testing has yet to begin, and won’t, until late-2018, at the soonest. That’s left the taxpayer with at least $1.7 billion in retrofitting costs as plans change and more technical bells and whistles are put onto the planes. Spare parts are in short supply, and the funds to retrofit all of the older prototypes aren’t readily available. Marine Corps Capt. Dan Grazier at the Project for Government Oversight (POGO) reported in October, that may leave some 108 planes behind as “concurrency orphans,” not fit for service, ever. At more than $100 million per plane (the military has so far built more than 250), that’s a lot of coin to be left idle in a hanger.”
Originally posted on Yoursurvivalguy.com.