The American dream is about freedom, and if you mean freedom to express yourself, self determination, religion… I would say that most normal conservatives or liberals would agree that is part of what the american dream is.
Liberals, and more specifically the democratic party favor a larger strong central government that has most of the power and and say on what happens within policy on a day in day out basis. If you take that to the very extreme you get socializm or communism. In other words in the context of John Kerry, he believe the government is better suited to tax you and spend your money for the ‘greater good’ of the country.
Conservatives, specifically Republicans are in favor of a smaller central government and leaving more of the policy decision to the States. If you take that to the extreme, you can get forms of facism, and libertarianism. George Bush believes that you’re a better judge of what to do with your money then the Government is. (although I agree with the tax cuts, most poeple are too small minded to invest their own money wisely or even just save it, that has been proven by our ability to run up personal dept to historic levels)
Hopefully I’m not sounding too condescending, if so I applogize, it wasn’t my meaning.