No, it is eliminating the ones who have no trust in a god or gods from being respected.So lets make it plural then? In Gods we trust and one nation under Gods. That way it represents all now and in the future. For instance scientology only came about in 1952.
Note what the constitution says about respecting the establishment of religion.
Your suggestion is opposition to the beliefs of millions of Americans. This group is growing fast. Why keep acting as if we are not part of America?