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In my OPINION:
Liberal-Someone liberal on both social and economic issues
Conservative- Someone conservative on both social and economic issues
Democrat- liberal on social issues, but now attempts to tout themselves as conservative on economic issues. They are economically liberal in regards to social spending, but beginning with Clinton and now due to the spending of the Bush administration, they actively criticize the more liberal fiscal policy of the Republicans. Historically democrats favor spending more on education and other social programs, while spending less on the military. They also historically favor taxes which would support the broad range of the country, with the highest earners paying more, and supporting the middle and lower classes.
Republican- Socially conservative and generally economically conservative, with the exception of military spending. The definition has changed somewhat under Bush, with the administration spending extensively. However, much of that spending was due to the situation in Iraq, the war on terror, and the 9/11 attacks. Republicans generally favor lower taxes, and ones that are less progressive. Meaning that they feel that the wealthy should not be required to pay the share of the lower economic classes. Republicans are often reluctant to spend money for the social issues they may have contentions with. For example, they generally spend less on social programs, the environment, and public education.
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