This small phrase has been "interpreted" in our later history to justify massive wealth redistribution, welfare programs, and entitlements. The money spent on this exceeds every other Federal government expenditure combined, including defense.

In a similar way, the commerce clause was "interpreted" to mean that the Federal government shall have the power to regulate and/or control all economic activity at every level in the United States, down to the individual property holder.

This is so deeply ingrained in our legal system now that there's not much that can be done about it. But I suspect that if the founders had known this would happen, they would have been a bit more specific in their wording.