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Great post, Craig. Over here in England we have precisely the same phenomenon, just less garishly obvious daily; but still embarrassing.
It has to be so, because since the Reagan/Thatcher era, where the right adopted Heyek and others’ philosophy of basically, stuff the poor and look after “our sort of people” (Thatcher) the welfare states so carefully constructed after WWII – with the help of Marshall of course – have been deconstructed and starved. Why not? Those with money don’t need it. End of discussion. And we export this philosophy to each country’s area of influence in the undeveloped world. China and Russia join in.
I like to hope that the edifice can without actually falling on our heads be sufficiently undermined that the basic rule of crises and wars – the rich do well – might get bent a little.
I’d come across that abbreviation and wasn’t certain what it meant; yours seems to be the most apt description. I’d add more, but I am beyond disgusted and exhausted with thinking about this . . . (as we used to say in Western PA; accepted by the OED in 2016) jagoff.