In the .049 patch morale really shouldn't be a problem.
This is how I start the game. I put social construction to zero. Gov spending to 100%. Taxes to ~75%. (Revenue at this point is about +3bc) I buy one colony ship on a long lease. The rest I build from scratch. Sol should be able to put one out every 5 turns. I put ~200mil colonists in each transport. When they land I have them build one transport then constructors. By not getting leases this keeps my money up, and Gov spending at 100%.
As far as social projects go. I never build more than an entertainment center for moral. I build (in no particular order) soil enhancement, habitat improvement, banking center, manufacturing plant, fusion powerplant, economic exchange, stockmarket on every planet.
I always rush to research impulse drive (I play huge galaxy). After I get that I put social spending back to 33%. By this time you are probably losing 5-7bc per turn. Don't worry about it. You still have all of your money since you only got one lease.
Your first constructor should be out about now letting you find the galactic resources. When your treasure drops to ~50bc you probably need to put gov spending to get you a small pos. income.
The interesting thing about taxes is that as long as you are producing lots of stuff, expanding, at war, or have lots of influence your approval rating should stay high so you don't need to worry about lowering below ~60%. I don't know if this helps you at all, but it is a start.