townsend-plan

Townsend plan

noun
a pension plan, proposed in the U.S. in 1934 but never passed by Congress, that would have awarded $200 monthly to persons over 60 who were no longer gainfully employed, provided that such allowance was spent in the U.S. within 30 days.

Origin:
after Francis E. Townsend (1867–1960), U.S. reformer, its proposer

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