If you spend that money on the parasitic elements of society (civil service wages, tax cuts, social security, health expenditure etc: ), then that money will simply add to the balance of trade deficit, devalue the currency, and result in hyper inflation.
White elephant transport projects can be far more parasitic than any of the above.
Besides -
Civil servants - needed to keep government working, although we could do with less of them.
Tax cuts - can certainly stimulate the economy, do you mean tax dodgers?
Social security - a welfare net is needed to help people back up, there is some fat here, but it is much harder to identify and cut out than you claim.
Health - well we need a health system, otherwise we die and we can't produce anything from 6 feet under. Focus needs to be on prevention not late cures, but that means more civil servants and nannying, you can't win on this one!
the working classes were too thick to understand that their new political masters
Sure, anyone who is working class is automatically thick!