Townsend plan

noun

1. 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.

Word History and Origins

Origin of Townsend plan¹

After Francis E. Townsend (1867–1960), U.S. reformer, its proposer