What would sane governance look like?
Well, to start with, it would determine a percentage of GDP that it intended to loot for its expenditures. Experience has shown (see my earlier posts on this topic) that the US isn't capable of plundering more than about 20% of the GDP in taxes at the federal level. Funny that, when you punch at them, they try to dodge out of the way.
Once it had determined how much blood it was going to drain, it would then determine the manner of the draining. Only then would it decide how to split up the swag among its clients and patrons, with the total amount to be split strictly limited to the amount pillaged.
That would be how a sane government (notice I don't say a just government, personally I think that'll only happen when Jesus returns for round 2) does things. Notice how it bears no resemblance to how things are practiced by either party.
You simply can't be elected by being honest about this, because the truth is far too horrible for the median voter to bear. The only reason we're not suffering worse right now is because we're the tallest pygmy with the reserve currency. The economic argument for electing Romney is that he's more likely to keep us the tallest pygmy longer than Obama, by increasing the debt at a less breakneck pace. But what can't go on forever...doesn't. Make your plans accordingly.