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Cutting taxes and red tape works folks, but only if you reduce govt spending as well. Particularly if its supply side economics to allow production of goods/services with as little barriers as possible.
Moddb.com
Deficits have come from the treasury revenue getting totally outstripped due to level of govt spending remaining the same or in some cases increasing like under Bush.
Basically Reaganomincs is not effective in and of itself. Reduction in red tape & taxes to incentivize producing locally to bring more companies back in, for companies to expand their workers payroll & infrastructure, it will increase the demand for goods/services with middleclass people having more money to spend, reducing the barrier for companies to access their funds stored overseas, reducing the bureaucracy by lowering the amount of govt employee replacements for those retiring through responsible workforce attrition, no longer spending on programs that are not required by law or are based on inactive laws, fair trade deals that prevent jobs from going overseas or corporate inversion and capital flight, can work to reduce the debt only if there is accountability in govt for sticking to a plan to reduce govt spending.
Trump speaks about this:
[Cutting spending and bureaucracy] FULL SPEECH: Donald Trump Speaks on Military, Veterans in Philadelphia, PA 9/7/16 - Youtube.com
Full Speech: Donald Trump Delivers Economic Policy Speech in Monessen, PA (6-28-16) - Youtube.com
transcript: Politico.com