The first line of code does what I want, the second only capitalizes the first word:
<%= the_label = \"Time_Balance\".titlecase %> <%= f.lab
try this.
<%= f.label :time_balance, "Time Balance" %>
Label expects the first argument to be the method_name on the object the form is for, and defaults to just using it, unless you specify it explicitly as part of the second argument which is content/options.