The Right Way To Deal With Debt

I'll confess right now, I have an appallingly limited understanding of economics and the current global crisis, which is why I'm going to resort to oversimplifications and generalizations in this post. You have been warned!

It seems to me that both left and right-wing political administrations have their own ways of dealing with a country's debt, each employing methods to directly and indirectly reduce debt levels.

Left: Tax increases (to directly pay back and reduce debt) and increased government spending (to stimulate economic growth and indirectly reduce debt).

Right: Tax cuts (to stimulate spending and economic growth and, as such, indirectly reduce debt) and reduced government spending (to directly prevent debt from increasing).

Now, from what I understand concerning the matter, it appears that the right-wing approach is actually more effective. The reduction in services (caused by reduced government spending) is negated by a growth of similar services provided by the private sector (which can afford to do so on account of the tax cuts). While the left-wing approach creates jobs through increased government spending, the increased taxes stifle spending and growth in the private sector, ultimately crippling economic growth and preventing the government from repaying the new debt incurred from its spending.