Government programs helped most Americans accumulate wealth in the form of real estate. For today's economy, George W. Bush has proposed government programs that would help most Americans accumulate more wealth in the form of financial investments. The most important of these is inclusion of personal retirement accounts in Social Security, which Bush campaigned on in 2000 but has not pushed in Congress. They also include deferred savings plans in his budget this year, programs to increase homeownership and expansion of health savings accounts, a form of which were included in the 2003 Medicare bill. On occasion, Bush has referred to them together as programs designed to create an "ownership society," to help people accumulate wealth and economic independence.

 But he hasn't sounded that theme much lately. He missed occasions like his 2004 State of the Union Address and other speeches on economic themes. Word is that the White House has had trouble making the numbers for these programs add up.

 Whatever the case, Bush risks missing the chance to be as consequential a domestic president in a second term as he has been a foreign-policy president in his first. Unless he campaigns hard for personal retirement accounts in Social Security, he will not have the political capital to get Congress to pass them in 2005 or 2006.

 Back in 1999, Bill Clinton talked about an investment component in Social Security, and leading Democrats like Sens. Daniel Patrick Moynihan and Bob Kerrey were in favor. Now, almost all congressional Democrats are against, so the votes will have to come almost entirely from Republicans, many of whom are now queasy about the idea. They won't vote yes unless Bush makes his case for the ownership society in his campaign.

 Once again, as in 1999, we may miss a chance for government to help ordinary Americans accumulate wealth -- a chance that might not come again for many years.