Im guessing that over the decades US middle-class has shifted a lot from a "savings" economy to a "debtor-hell" economy. With higher interest-rates savings are slightly more valuable but spending will take a "hit". Inflation will be sky-high since everything will get more expensive as less product on shelves and demand will keep rising.

You need direct stimulus into the middle-class, lower taxes or even tax-free for below median income families, massive luxury taxes on rolexes and ferraris , 60% to 90% tax on 1+ billionaires , capped-prices on essentials and rent-controlled housing. etc. etc.

Plenty of things the Fed and govt can do to rescue the middle-class. High interest rates doesnt do enough.