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Technically speaking they’re using the words correctly, liberalism is describing the freedom of capitalists to do as they please above all else, Republicans in the US aren’t traditionalist, they are neoliberals who want unregulated capitalism, and if course they are highly racist nationalists who want to improve white birth rates by any reduction of civil rights possible, and ethnic clensing, the democrats on the other hand prefer status quo neo liberalism, being closer to what you’d call a conservative, in their system unfettered capitalism along with conservative status quo is a pretty accurate use.
I never drink pound water though