> Practically useless. The government only allows each person to buy $10k of I-bonds.

$10K is way more than what most people can save in a year, so it's effectively unlimited for more households.

Correct, but I-bonds cannot be cashed out in the first year, and households who can't afford to save more than $10k/year probably aren't interested in having their investment tied out for 1 year.

Quite frankly, a S&P 500 index fund would serve them better than an I-bond, even during severe market drawdowns.

$15k per year if you include paper bonds from your tax return. And that is dramatically more than the median American saves every year.

Tell me you don't care about people who aren't rich without saying you don't care about people who aren't rich.

How about TIPS?

> TIPS principal is adjusted by changes in the consumer price index, either up or down. The interest rate is determined at issue.

https://www.thebalance.com/comparing-tips-to-i-bonds-2388668

Any good?