That expression is a cynical look at the relationship of the individual to the State: so long as my belly is full and I am entertained I'm all right Jack.
“… Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions — everything, now restrains itself and anxiously hopes for just two things: bread and circuses”
So, no, this is not the circus part.