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"How about we just require a balanced budget at the Federal level, and let the Fed do it's thing in tweaking money supply to account for economic growth? Isn't it that simple? "

I think that it is almost that simple. And that hard.

I think the term balanced budget implies to a lot of people not spending more than we take in. But really it implies you just have a plan on where you're going to get the money.

In other words, tax revenue forecast 10% + projected massive borrowings 90% = projected massive spending 100% is technically a "balanced budget".

We always need a balanced budget. But we need more than that. We need spending restraint and fiscal responsibility in the good times, so that we have means in the bad times.

I would never want to tie congress's hands from borrowing in case we have a war and we need to. I think a lot of people want a gold standard because they think it would stop congress from overspending. But only electing people of good character is going to do that.