Isn't this effectively - more or less - giving everyone a 20% pay increase? At the very least, it's increasing days off from two to three, a 50% increase. More

Isn't this effectively - more or less - giving everyone a 20% pay increase? At the very least, it's increasing days off from two to three, a 50% increase. More time off means more time to spend, usually, yes? Ultimately, I'm asking, won't this increase demand, at least for certain goods/services? And that's going to make prices higher, correct? Won't it be a "double whammy" for goods/services that increase in demand but production falls due to less hours being worked? Or if the company hires more bodies, doesn't that drive up costs? The issue here seems to be, this is trying to put a bandaid on a symptom. It's not going to fix housing supply. It's not going to fix the monetary and fiscal policy (that devalues worker's pay / savings). How is this going to be any different from other gov manipulations (e.g., home loans, student loans)?