There is a certain merit to what you say, although there is also a compelling argument that when F-35 hits the streets the nations of the free world will simply fall into two categories. Those that have it and those that don't.
From my limited participation in the project I think it is a capability step change that we have never seen and few appreciate. Nothing, including so called Gen 4.5, comes close.
As for the size and status of our country and an armed forces that seemed appropriate I couldn't agree more. That's why the fact that a small wind swept rock in the north atlantic got rid of its MPA, CVS and VSTOL aircraft still confuses me!