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Meaning of Townsend plan

Town'send plan"

Pronunciation: [key]
  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.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.