I think that's true. Reagan's tax cuts, Clinton's capital gains tax cut, and Bush's tax cuts were all good, but the spectacular growth after each of them was probably due more to Fed money-printing. Don't get me wrong, the tax cuts were well-designed and necessary, but probably wouldn't have resulted in the growth figures we saw absent the funny money.
That's only if you measure by GDP. If you correct for the "deflationary" effect of technology -- which allows you to do exponentially more for exponentially less -- there's a lot of real growth out there. But not enough, of course, to pay for all the government Ponzi schemes.