Neoconservatism
The majority of the Republican Party today are neoconservatives who support the free market, limited welfare, and traditional cultural values, but also support a greater role of US in the international affair through strong military intervention. Their policies are based on supply-side economics and social conservatism.
Conservative Republicans believe that the society is better off with minimum intervention by the government. Conservatives support market economy and opposes high tax rates on corporations since corporations are the ones who create jobs and wealth for the society. They believe that low tax rates on corporations result in increased production and economic growth, which will in turn pass the wealth on to the working class and bring the same or more revenue for the government. This belief is known as supply-side economics.
Republicans generally oppose minimum wage increases, believing that such increases will hurt many businesses and result in job loss and inflation.
Conservatives also believe that individuals should be responsible for their own wealth and welfare without much governmental assistance. They support small government spending on unemployment benefits, health care and other welfare programs. Instead, Republicans prefer funding religious charities and other private charitable organizations to supplant government welfare spending.
Compassionate Conservatism
President Bush popularized the catch phrase compassionate conservatism since his presidential campaign to attract swing voters. Although compassionate conservatism is rather considered an empty slogan, the underlying idea of applying compassion in conservative policies may have influenced the Bush government to expand the Medicare program, give government grants to Christian charities and increase overall government spending.
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