Notice that the plan wasn’t announced on a day the market was open. The DOW would have tanked big time on this “spend our way out of the problem” scheme.
This will cause Wall Street to sell-off heavily to roll everything into Government/Municipal bonds. Which is already happening.
This is a carbon copy of the Carter years. I expect much the same thing to happen to the private sector as did then. There will be oil/fuel shortages, rationing, huge unemployment and run away inflation.
You can’t artificially stimulate an economy that just isn’t there.