A new word
 

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.

Amen. You should read Atlas Shrugged by Ayn Rand.

I must admit I've never heard of that book but it sounds interesting.

Please let's don't turn this into a political discussion.

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.