What tax cuts for the rich were there in the 1970s? The tax cuts came in the 80's. There were also Nixon's price controls, which Carter continued, which were another disaster.
For example, let's say the only things you spend money on are eggs and gas. One day, the price of eggs goes up. You buy eggs, now you have less money to spend on gas. The demand for gas goes down, and so does its price.
I.e. a rise in the price of eggs does not result in an increase in your income to cover it.
But with money creation, there is more money chasing the same goods, so your income goes up along with the prices.
But... When the cost of gas goes up, so does the cost of almost everything else because the trucks and trains and planes that deliver everything all use gas of some kind.
Inflation results from deficit spending.