Not really since their plan is to cut taxes too. It shifts spending to individuals rather than cutting GDP, though there are always costs associated with such a transition.
Those tax cuts will heavily favor the wealthy. So I guess it depends on your belief in whether trickle down economics works.
Additionally, the Federal Government is the largest employer in the country. If you both lay off a significant portion of that workforce and cut things like unemployment and other social programs, you are going to have significant increase in unemployment unless there is somehow new jobs for everyone. Add inflation to the mix due to tariffs and a perfect storm of economic despair is on the horizon.
