Ineptocracy(in-ep-toc-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.
Best novel I've ever read and I don't read many novels. Perhaps the greatest book of the 20th century and I don't even agree with ehr philosophy, but it describes exactly what you are talking about and the consequences.