I think you swung the hammer, but you hit the wrong nail.
If the dollar were on a gold standard again, this would restrict the ability to borrow beyond our means. That was the reason Nixon repudiated the gold standard in 1971: He wanted the ability to spend the Treasury beyond the means of our ability to pay for our spending! To say that it would be wrong for us now implies that you think we can spend our way to prosperity.
If another nation were to have a gold-backed currency, and they issued enough of it, the US dollar's day in the sun just met dusk.