No. The translation is correct.
Also, the Spirit is not removed. He simply stops restraining the lawless.
If I may: lawlessness is not a condition without laws: It's not as if natural laws cease (gravity, light, etc.). Lawlessness, as it relates to people, is when "..everyone does what is right in his own eyes." The United States was and is a breeding ground for this mindset: promoting the individual's "rights" above those of the whole, and, establishing the people as sovereign over the nation.
Today, without restraint from the Spirit, the world is attempting to redefine long-held truths about biology and the very nature of humans; Speech is labeled "violence" and violence is now ensconced as a tool for advancement especially among the ruling class. The church, once believing themselves to be the light of the world, now supports serial fornicators and brutish men for the sake of political expediency. Sure, all this is not new, but the scope of it has not circled the globe.
The Spirit has moved out of the way. We are witnessing the slouch toward Gomorrah.