For average Americans the expression the "American dream" has loosely been interpreted to mean owning a home, having a good job and living a good life. President Bush has introduced the new phrase "ownership society" into mainstream thinking by proposing changes in Social Security and having Americans younger than 55 invest up to a third of their payroll tax, or $1,000 each year in private accounts. By investing in stocks and bonds he believes the younger generation can "keep more of your own money." Can they risk stock market fluctuations and the manipulation of insider traders? How will the government guarantee against stock market loss?

Bush's "ownership society" implies hoarding, accumulation, amassing, greed and avarice. "Greed is good" is the mantra echoing behind the words. On the other hand, the "American dream" speaks of another era and suggests an expansion of the imagination, talents and aspirations leading to a more creative, caring and sharing society.

In today's reality over 20 million illegal aliens would be excluded from the "ownership society." Many work for substandard wages in jobs Mr. Bush says Americans will not do. Another 40 million are those without health insurance who are at or near the poverty line and thousands of working young that cannot afford the astronomical costs of higher education. These are but a few who would not qualify under the broad seductive words of having an "ownership society."

There is a stark contradiction between Mr. Bush's "faith based" and "ownership societies." Both terms can be subjectively interpreted to promote a narrow agenda. It is not surprising when Mr. Bush has among his advisors and friends the very rich and paid advocates to promote his proposals. For many Americans the "American dream" has become a nightmare living in the shadows of an ever-growing grasping, ownership-oriented society.

Katherine Aliferis