Let me offer a "class-based" answer.
Living in Manhattan, I see directly a phenomenon too little reported. There is inflation, enormous rapid inflation within the upper classes. Prices of luxury goods, multi-million dollar apartments, connoisseur items, first-class travel, artworks, ivy educations, rare wines, hedge-fund fees, high-tech medicine, philanthropic gestures, etc.
The annual percentage increases are staggering. It is truly as if the money being pumped into the "shareholder" classes is being burned up at a desperate rate.
Yet what is traditionally measured as "inflation" is sticky wage inflation. Only when wages begin to rise does the Fed slow the presses. High employment signaled by rising wages sounds the "inflation alarm" and a threat to the interests of the "shareholder" class. Credit flinches.
So I would suggest that in many institutional, political, and social ways, there has emerged a class-based solution to the 1970s problem of "inflation." As long as wages are disaggregated the old type of "inflation" does not apply. You can print as much money as you want, as long as it goes directly to a concentrated, limited cartel.
This, coupled with destabilization of the Middle East and military control of oil supplies, returned the U.S.from the 1970s "brink" to the sort of stable, wage-depressed, class-dominated economy favored by Andrew Mellon, Prescott Bush, and their ilk. As long as labor is disaggregated, it cannot democratize and "deteriorate" the value of increasing money supplies.