Yeah, that's exactly how we called it in the USSR. Employer pretends they are paying, employees pretend they are working. How it's ended is well known.
The US is going through the same extreme as the USSR did, just in the other direction. I'm sure given the nature of extremes there will be some similarities on the journey to the outcome even if the overall outcome might end up being different due to the US heading off the cliff in the other direction.
We definitely have a situation now where employer pays as shit as possible and workers provides the shittiest effort as possible.