"This, too, represents a cornerstone in a structure which is being built but is by no means complete. It is a structure intended to lessen the force of possible future depressions. It will act as a protection to future Administrations against the necessity of going deeply into debt to furnish relief to the needy. The law will flatten out the peaks and valleys of deflation and of inflation. It is, in short, a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness."
Is any of that true? Our November cover story ("Promises Will Be Broken: A retirement crisis loom--but not because of the market's meltdown. It's worse than a temporary swoon.") described the situation we're in: the present value of the U.S.'s entitlement programs is already more than $56 trillion. Sure makes FDR's speech look silly.