The reference to one trillion dollars in the headline is accurate, but lacks context that makes it a bit sensationalist. The article elaborates the cost as "an estimated $1 trillion to develop, purchase and support through 2050". Or about $25 billion a year. Whether that's pricey or a bargain depends on how many aircraft are purchased and supported; TFA states that the "Air Force, Navy and Marine Corps are counting on buying as many as 2,500 F-35s", which would be $10 million per craft per year for the next four decades.

This is not to say the thing isn't an overpriced, failing project. If the GAO's analysis and predictions cited in the article are correct, it sounds pretty bad. In particular, it's hard to imagine that four decades from now, the US armed forces would want to still be using early 21st-century aircraft.