Glenn Greenwald puts it this way (his is fantastic post worth reading ever bit):
That "conservatism" has come to mean "loyalty to George Bush" is particularly ironic given how truly un-conservative the Administration is. It is not only the obvious (though significant) explosion of deficit spending under this Administration – and that explosion has occurred far beyond military or 9/11-related spending and extends into almost all arenas of domestic programs as well. Far beyond that is the fact that the core, defining attributes of political conservatism could not be any more foreign to the world view of the Bush follower.
As much as any policy prescriptions, conservatism has always been based, more than anything else, on a fundamental distrust of the power of the federal government and a corresponding belief that that power ought to be as restrained as possible, particularly when it comes to its application by the Government to American citizens. It was that deeply rooted distrust that led to conservatives’ vigorous advocacy of states’ rights over centralized power in the federal government, accompanied by demands that the intrusion of the Federal Government in the lives of American citizens be minimized.
Is there anything more antithetical to that ethos than the rabid, power-hungry appetites of Bush followers? There is not an iota of distrust of the Federal Government among them. Quite the contrary. Whereas distrust of the government was quite recently a hallmark of conservatism, expressing distrust of George Bush and the expansive governmental powers he is pursuing subjects one to accusations of being a leftist, subversive loon.
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