SOC240H5 Lecture Notes - Lecture 6: Francis Townsend, Disability Insurance, Great Depression
Document Summary
Us last industrialized country to have a system for pensions for elderly. Great depression saw need for guaranteed pension plans. Before this the elderly were expected to save enough money to live on or have support from family. Then ideology of work ethic and laissez-faire govt lead to govt policy to support older americans. Retirement emerged in late 19th century, used to work until death or sickness. If retired without enough savings family took care of them or went to local poorhouse. President roosevelt created old age pension, unemployment insurance. Townsend movement: dentist francis townsend promoted townsend old age. Asked for /month to everyone retired over 60 and spend all money during month. Share the wealth : louisiana governor huey long"s plan that guaranteed. Money to come from taxing oil refineries and raising taxes on wealthy ppl. Unions and progressives = wanted old age pensions funded entirely by tax revenues, no worker contributions.
