Washington has a spending problem - it keeps spending money on the F-35. A weapon that not only doesn’t work but isn’t needed. In a time of austerity for social programs with President Obama offering cuts to Social Security and Medicare the government continues to shovel money into this black hole of a weapons project.

The Pentagon wants to spend about $8.4 billion in the next fiscal year to continue developing and purchasing Lockheed Martin Corp. (LMT)’s F-35, the fighter that is seven years behind schedule and 70 percent over initial cost estimates.

The funding includes $6.36 billion to build all 29 of the F-35s previously planned for 2014, including 19 of the version designed for the Air Force, six for the Marine Corps and four for the Navy, according to a budget document obtained today by Bloomberg News. The remaining funds would be for continued development and spare parts.

Lockheed’s lobbyists must be incredible.

The budget request, which doesn’t include money for war- related expenses such as the conflict in Afghanistan and troops in the Middle East, reflects the Pentagon’s commitment to the F-35, its most expensive weapons program, despite its soaring cost and pressures to cut Pentagon spending…

The estimated cost for a fleet of 2,443 F-35 fighters has climbed to $395.7 billion, a 70 percent increase since 2001. Pentagon officials have prodded Bethesda, Maryland-based Lockheed, the world’s largest defense contractor, and its subcontractors to improve performance and reduce costs

No money for Afghanistan or troops but please we need more money for this fighter jet no one needs. What’s funny is that DoD recently accused Lockheed outright of screwing the taxpayers. Apparently that was not enough to convince DoD to stop spending oceans of cash on this self-admitted wasteful project. Shared sacrifice folks.