Without power to tax, Treasury bonds will not sell. Deficits are supported by sale of Treasury notes & bonds. I see nothing wrong in purchasing bond paying 5% interest so long as inflation is under 3%.
Given current government spending patterns bond buyers will fairly soon have to factor in the possibility of a default. 4.83% isn’t going to cut it at that risk level. Especially when real inflation rates are higher than the current CPI calculations.
https://www.fedsmith.com/2023/04/19/inflation-severity-depends-how-its-measured/