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Katherine Sullivan

👤 Speaker
545 total appearances

Appearances Over Time

Podcast Appearances

WSJ What’s News
America's Road to a DIY Retirement

Until this point, most people just worked until they died or were cared for by their families or went to spend their last years in poor houses.

WSJ What’s News
America's Road to a DIY Retirement

There wasn't yet a vision of older people moving to Florida en masse and organizing their lives around golf or pickleball.

WSJ What’s News
America's Road to a DIY Retirement

But during this time, groups had begun to advocate for a government pension.

WSJ What’s News
America's Road to a DIY Retirement

These groups came from all ends of the political spectrum.

WSJ What’s News
America's Road to a DIY Retirement

One of the most popular and also one of the most outlandish was started by a man called Francis Townsend.

WSJ What’s News
America's Road to a DIY Retirement

President Franklin Delano Roosevelt's administration was focused on pulling the country out of the Great Depression.

WSJ What’s News
America's Road to a DIY Retirement

And to that end, the Townsend Plan had a straightforward demand.

WSJ What’s News
America's Road to a DIY Retirement

$200 a month for everyone over the age of 60, funded by a 2% sales tax.

WSJ What’s News
America's Road to a DIY Retirement

That's about $5,000 a month in today's dollars.

WSJ What’s News
America's Road to a DIY Retirement

The catch?

WSJ What’s News
America's Road to a DIY Retirement

You had to spend the whole benefit within the month.

WSJ What’s News
America's Road to a DIY Retirement

Here's a newsreel of Dr. Townsend fielding questions about the program from senior citizens.

WSJ What’s News
America's Road to a DIY Retirement

Townsend's slogan was Youth for Work, Age for Leisure.

WSJ What’s News
America's Road to a DIY Retirement

The idea took off.

WSJ What’s News
America's Road to a DIY Retirement

Over 7,000 Townsend clubs formed across the country, working to advocate for the plan.

WSJ What’s News
America's Road to a DIY Retirement

They organized massive letter-writing campaigns to members of Congress and even set up trial versions of the program.

WSJ What’s News
America's Road to a DIY Retirement

The movement put enormous pressure on lawmakers to create some sort of safety net for older people.

WSJ What’s News
America's Road to a DIY Retirement

And the pressure worked.

WSJ What’s News
America's Road to a DIY Retirement

In 1935, President Roosevelt signed Social Security into law.

WSJ What’s News
America's Road to a DIY Retirement

This Social Security measure...