Draining the treasury was kinda the point. The slaves' money is stolen from them and put into the kitty while the military-industrial complex and other interest groups drain it It may look like incompetence but in actuality, it's well executed malice
Yes the state is pretty good at wealth redistribution. The greater the failure, the longer the blunder, the further over budget then the greater the distribution will be. Incompetence is built right in to the business model. Money from the many to the chosen few.