The next step would be interest on FDIC savings of at least 4%. Otherwise, almost everyone retiring will be poor and there will be no way to revive the middle class.
Besides that, for retirees who still have savings, the interest they receive would go close to 100% into the economy. And these are folks likely to "buy American" and to spend locally.
Another thing: I'd gladly wager that the real Social Security COLA will be a good boost for local economies.
I've been waiting for this for 9 years, and just hope it happens in time to keep me in the middle class.