Raising Interest rates on savings to 5% - 7% will bring between $385 - % 544 Billion into the market place, most of which will be spent or invested in 2nd homes, remodeling, new autos, expanding small businesses and more.
Interest on savings has long been the primary source of discretionary spendable income for most middle class people who do not have the technical skills to buy stocks or no longer trust the stock market.
Renewing the 5% - 7% interest rates on savings would be a Boon to the still sinking local economy. It is now a matter of record that more than a dozen large retailers will be laying off and closing stores, costing more than 10,000 jobs this year. Stronger interest rate income would combat that loss. Further it may lead to more hiring as the billions are spent.