Meaning: The quote by Arthur Hertzberg, a prominent theologian, reflects a sentiment shared by many Americans regarding the significance of the Social Security Act, which was enacted by President Franklin D. Roosevelt in 1935. The Social Security Act was a landmark piece of legislation that brought about a profound transformation in the social and economic fabric of the United States. Hertzberg's words convey a deep sense of concern and disbelief at the idea of subjecting the nation's social safety net to the uncertainties of the financial markets.

The Roosevelt enactment of Social Security represented a fundamental shift in the government's approach to ensuring the well-being of its citizens, particularly the elderly and vulnerable. Prior to the establishment of Social Security, the elderly often faced destitution in their later years, with limited or no means of financial support. The introduction of Social Security brought about a moral revolution by providing a safety net that aimed to prevent individuals from falling into abject poverty in their old age.

Hertzberg's emphasis on the assurance that the nation would never reach the depths of poverty speaks to the profound impact that Social Security had on the collective mindset of the American people. It represented a promise of security and dignity in retirement, marking a departure from the prevailing insecurity and vulnerability that had characterized the lives of many elderly individuals prior to its implementation.

The reference to "gambling it on Wall Street" alludes to the concerns surrounding proposals to privatize or invest Social Security funds in the stock market. Such proposals have been the subject of intense debate and controversy, with critics arguing that they would expose the stability of Social Security to the inherent risks and volatility of financial markets. Hertzberg's dismissal of this idea as "nonsense" reflects a skepticism towards the notion of subjecting a vital social program to the uncertainties and speculative nature of Wall Street.

The quote encapsulates the broader debate over the role of government in providing for the welfare of its citizens and the potential consequences of intertwining social welfare programs with financial markets. Hertzberg's perspective aligns with those who view Social Security as a foundational pillar of social stability and a commitment to upholding the well-being of all members of society, particularly those most in need.

In summary, Arthur Hertzberg's quote underscores the profound significance of the Roosevelt-era Social Security Act as a moral revolution in the United States. It highlights the transformative impact of this legislation in providing a safety net for the elderly and vulnerable, while also expressing skepticism towards the idea of subjecting such a vital social program to the uncertainties of financial markets. The quote serves as a reminder of the enduring debates and concerns surrounding the protection and preservation of social welfare programs and their role in safeguarding the dignity and security of the American people.