The supply side tax cuts theory is ONLY false when you can't control spending . It was proven sound theory in 1963 when proposed it and it was passed in 1964 The tax cuts fueled the growth of the golden era of the mid-1960s ….. eight 1/2 year of uninterrupted growth of over 5% per year.
That growth created jobs . Tax revenues INCREASED from $94 billion in 1961 to $153 billion in 1968, The same was true of the Reagan cuts . It was out of control spending that created an expanding deficit .Add to that unsustainable long term obligations of mandatory spending like Social Security Medicare and debt service . and you get to the point where we now owe more than 100 % GDP.