POTUS - your non favored candidate is elected. How damaging to the country?

If Romney is elected I fear an “austerity” recession as government spending is drastically reduced in an attempt to balance the budget while cutting taxes. This will take years to recover from ensuring the 2010s will be a “lost decade” which really sucks as it this is a crucial time for my wife and I to prepare for retirement and the time during which my two children will be entering the workforce.