A similar phrase was found in Spain  pan y toros (bread and bullfights) and Russia: ????? ? ?????? (bread and spectacle)

 

Aldous Huxley used the phrase in Brave New World Revisited.  The conclusion being the world was becoming like "Brave New World" faster than he thought it could; partly because of overpopulation which he concluded could be controlled by drugs and subliminal suggestion.  Ironically the last chapter of the book details preventive actions to stop a democracy from turning into the totalitarian world described in his first book!

 

It is now used as a metaphor for handouts and entertainment.  As long as you are fed and entertained by a politician you do not concern yourself with policy.    The criticism of the phrase is towards both the citizen and politician.