Yes, in the short run. Who holds most of that money? In developing countries it is the elites. So if their holdings lose some value, they'll survive. But government spending puts money in the hands of people who need to work for a living. That will benefit the economy as these people will spend more and create demand. In the long run everyone becomes better off if a country undertakes a vigorous and well-thought out infrastructure program (including scientific infrastructure). Yes, I am a Keynesian.