That's right. Sort of.
Oddly, I happen to have that LP behind me on a shelf. Was actually listening to it last week.

The notes' text quote Acuff and his Smoky Mountain Boys in 1939. I'm assuming (unless you ask further) that it's pretty accurate transcription of the record - no such second verse.

However, the notes go on to give just the two verses I posted here. The Manny Stone song referenced and extolled the Townsend Plan which I gather never came into effect and was superceded by Social Security in 1935.

Acuff's parody became much better known.

Hi, Norm.
Thanks, Joe, for the heads up. I must demur, though, I'm having trouble remembering whether I was walking into or out of the toilet.