That quote comes from FDR’s “Simple Truths” speech to Congress in April 1938. It’s as true today as it was 73 years ago.
FDR also said in that speech that “the liberty of a democracy is not safe if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living…Among us today a concentration of private power without equal in history is growing.”
Some things never change, huh? I just wish we’d hear Democrats speaking like that today, and not being afraid to tell the truth to the American people, as FDR did in much worse times.