Yes, and: the rot started long ago, this is just what it looks like when it goes unchecked. To quote Mencius:

Mencius went to see King Hui of Liang. The king said, “Venerable sir, since you have not counted it far to come here, may I presume that you are provided with counsels to profit my kingdom?”

Mencius replied, “Why must Your Majesty use that word ‘profit’? What I am provided with are counsels to benevolence and righteousness, and these are my only topics.

If Your Majesty say, ‘What is to be done to profit my kingdom?’ the great officers will say, ‘What is to be done to profit our families?’ and the inferior officers and common people will say, ‘What is to be done to profit our persons?’ Superiors and inferiors will try to snatch this profit one from another, and the kingdom will be endangered.”