THE FALL AND RISE OF A $1.7 TRILLION FIGHTER PLANE

The F-35 Joint Strike Fighter, from U.S. defense giant Lockheed Martin, is one of the most expensive weapons ever built. It's 10 years late and 80% over budget. But the Pentagon and America's allies believe it's the one plane they need most.

- Christopher Leonard

ONE SUNDAY IN early 2022, German Chancellor Olaf Scholz gave a speech that reversed more than 70 years of pacifist foreign policy in his nation. Vladimir Putin had just invaded Ukraine, and Scholz's address to parliament was short, urgent, and written for the ages. Scholz announced that Germany would immediately invest about $100 billion in its military-more than doubling annual spending levels and boost its defense budget to 2% of its annual GDP from then on. Scholz framed Putin's invasion as the beginning of a new era of global tension, and he promised that Germany would meet the moment. But while his rhetoric was sweeping, Scholz took time to mention a specific product that he wanted Germany to buy: the ultra-expensive F-35 fighter jet, made by American defense contractor Lockheed Martin.

This might seem puzzling to anyone who follows the news. Almost since the F-35 program was announced in 2001, it has been the symbol of America's dysfunctional military-industrial complex. The jet is 10 years behind schedule for final approval and almost 80% over budget, its production repeatedly stalled by defects and miscalculations. Last fall, comedian Bill Maher captured the conventional thinking about the fighter during a monologue on his HBO show. "We spent $1.5 trillion on the F-35, which has never worked, and never will, and yet we still buy it," Maher declared, concluding, to peals of laughter, "It's the Yugo of fighter jets." Maher's critique was a little off: The estimated cost of developing, building, and maintaining the F-35 fleet over its anticipated life span of about 60 years is actually $1.7 trillion.