No, cutting things and dropping the top income tax rates do nothing for the economy. In fact cutting services that decrease the cost of living(public housing, publicly owned energy etc) or help the poor be able to purchase goods(food stamps, unemployment benefits) cause a large drop in consumer spending even if the tax cuts lead to bubbles and bull markets(which is itself a problem for obvious reasons.)
Consumer spending was clearly higher after Reagan then what was expected of the economy to be before Reagan
Which was caused by the bull markets and economic bubbles(particularly in the housing market). So yes, you are right in the short term but as this question is asking about the long term effects of Reagan's economic policies, you are very wrong.