An inflation adjusted government bond ETF might be what you seek. In any case, there's no such thing as free lunch: In other words "a risk free asset that pays above the rate of inflation" doesn't exist.
Oh really? Specifically, which one? Give me a link. Keep in mind the latest inflation reading today was 3.33%y/y. This is also an optimistic reading -- if you use the exact same calculation the fed used back in the 80s inflation would be at 10% (many government obligations such as TIPS are linked to CPI and, as such, they are motivated to make that number appear low).
Risk free savings used to be much easier when the dollar couldn't be freely printed. Sure, there were times of moderate deflation and moderate inflation, but overall the average was 0. Furthermore, labor was able to consistently achieve wage gains. Those days ended in the 70s (and is evidence by the famous wage-vs-productivity charts). Also, you're conveniently ignoring the fact that fiat currency has made it possible for governments to print money to pay for war instead of needing to levy a tax on its citizens (something which would frequently be met with protest).
I-Bonds and TIPs are two types of bonds that are adjusted based on the inflation rate by law and backed by the US government, and they both pay slightly more than the inflation rate because of their other various features.
Correct, TIPs will keep pace with inflation. Until you pay income taxes on the interest they earned. Then it's not even close. Also, you're putting a lot of trust in the governments calculation of CPI. What makes today's calculation better than the calculation used in the 80s?
Risk free savings used to be much easier when the dollar couldn't be freely printed. Sure, there were times of moderate deflation and moderate inflation, but overall the average was 0. Furthermore, labor was able to consistently achieve wage gains. Those days ended in the 70s (and is evidence by the famous wage-vs-productivity charts). Also, you're conveniently ignoring the fact that fiat currency has made it possible for governments to print money to pay for war instead of needing to levy a tax on its citizens (something which would frequently be met with protest).