The U.S. government is running out of willing lenders, and the fix being described would quietly tax anyone holding dollars or bonds — bad news for savers and retirees.

• America owes more than it can afford, and foreign and private lenders are backing away from buying its debt.
• The plan: shift borrowing out of long-term bonds, where investors set the rate, into short-term bills, where the Fed sets it.
• The Fed plays tough on inflation up front — even nudging rates up — so bond buyers think it is being responsible.
• New rules would then force banks, stablecoin issuers, pension funds, and money market funds to buy government debt whether they want to or not.
• The cost lands on ordinary people, who earn less on their savings and bonds than inflation eats away each year.

Outlook: Expect the Treasury to keep leaning on short-term debt and Washington to keep finding captive buyers, leaving cash and bonds losing value in real terms.