I think that they mean very little. They are so overused and frequently abused by politicans, demagogs and the media that they have lost any real meaning. It is interesting to note that during the 60's, being called a conservative was often considered a slur much like many consider calling someone a liberal is a slur today. We also see many Democrats reclaiming the term liberal and wearing that mantle proudly.
I am generally socially liberal and fiscally more conservative. As much as people want to place me into a nice and tidy box labeled "Liberal" I just don't fit. Most of us don't fit. These words are too small to describe the totality of anyone.
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Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so."
-Douglas Adams
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