Even that interpretation would be better than the one they are using now. However, you have to remember that the supreme court that made that decision was the one stacked by FDR while trying to get all his TLAs passed. Under this interpretation, every one of Roosevelt's programs were wholly constitutional.
I, personally, like Madison's interpretation in Federalist #41. After all, he was the one who wrote the dang thing.
The Constitution was indeed meant to ensure a government that had limited and specific powers. Why would they have used a phrase that was not very specific when they did use phrases that were very specific everywhere else? It would make no sense taking it as a whole.