The current situation is simply "socialism for the wealthy." This is not new, by the way. The Ownership class, for thousands of years, has always tried to progressively arrange societies so that the "system" grants them advantages and transfers disadvantages (including damage and death) to the disposable slave/serf/landed peasant/indentured servant/paid worker.
It happened in Russia under the Czars, and it happened in the SU under the Communists. The economic system does not really matter; the Ownership still exerts it's influence.
 Ownership class: by this I mean the constantly changing groups of new and old money, influence $#@!s, power brokers, tyrants, extremely wealthy "campaign contributors"... generally those types of people archtyped by Ayn Rand, in Atlas Shrugged, as "The Aristocracy of Pull."
 or, if you prefer, "woodenly stereotyped one dimensional characters".