Generating economic growth
Remember that increases in a standard IS-LM model an increase in government expenditure generates an increase in the real interest rate. 
As such, private investment decreases. Traditional economic theory would suggest that what you recommend will crowd out private investment. The question can then be modified as follows-  does a 1 Dollar increase in government expenditure decrease private investment by less than 1 Dollar? In other words, is the government multiplier greater than 1? A lot of empirical work has been done on this.