Balanced budgets have very little to do with a growing economy. The economy grew like wildfire in the 1980's without anything near a balanced budget.
Frankly, I think the case could be made that the balanced budget contributed to economic prosperity (less gubmint spending). But, the point is that balancing the budget was a conservative goal which x42 glommed onto as a part of his "centrist" marketing scheme. Remember him parroting this phrase over and over and over again during the campaign, "...it's paid for in my balanaced budget"?