Indeed. Considering that the "problems that one deals with at present" were generally calculations of ballistic trajectory for war materiel, this was an entirely accurate statement. As the cost and complexity increase rather rapidly as storage increases, there was inverse incentive to build a system bigger than one "needs". Like building a pedestrian bridge that could support 50 tonnes of weight. But yes, judged by today's standards it's an amusing scale, similar to reading newspaper articles about the menace of early automobiles "hurtling down the roadway at dizzying speeds" of 50 miles per hour. In a hundred years, people will have the same chuckle at our "TB of data" and "high-res images" -- What? No volumetric full-color holograms?