Final answer:
President Truman's reference to the past sixteen years in his 1949 State of the Union address includes Roosevelt's presidency and the New Deal, as well as the economic impacts of World War II, reflecting a continued focus on social reforms, economic democracy, and equity that began to shape during the Great Depression.
Step-by-step explanation:
In President Truman's 1949 State of the Union address, the reference to the last sixteen years likely encompasses several significant events and policies. First, he is acknowledging his own previous term and the presidency of Franklin D. Roosevelt, during which Truman served as Vice President and Roosevelt implemented the New Deal to combat the Great Depression. The sixteen-year period also includes the economic changes associated with World War II, which helped to end the Depression and redefine the American economy.
Truman's mention of rejecting the 'discredited theory' that the nation's fortunes should be in the hands of a privileged few, and the abandonment of 'trickle-down' economics, aligns with New Deal philosophy, further suggesting that he is referencing the changes brought by Roosevelt's presidency.
Furthermore, Truman's Fair Deal aimed to build on these promises, striving for social reforms and extending civil rights. The reference serves as a rallying point for hope, progress, and a repudiation of previous economic policies that favored the wealthy. His address focuses on a democratic foundation for the economy and an equitable distribution of wealth, which were central to both the New Deal and his Fair Deal.