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Francis Townsend advocated for a government-sponsored old-age pension plan, proposing that every American over the age of 60 should receive a monthly pension of $200, provided they spend it within 30 days. He believed this would stimulate the economy by increasing consumer spending and alleviating poverty among the elderly. Townsend's ideas gained significant popularity and influenced FDR's development of the Social Security Act, which established a system of retirement benefits for older Americans.

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2w ago

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