The age-old debate. I don't think it does because not everyone needs to believe in God; even though our country was built by religious people, it was not built specifically on religious values. Our Constitution is also based off of freedom, including the freedom of religion and freedom of expression. This means that designating our national pledge towards theism, and arguably Christianity, is exclusive of other forms of religion and expression. It is fine for people to continue to use "Under God" in the pledge if they believe in God, but it is not necessary and should not be included in the official text.
Does "under God" belong in the pledge?