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You're missing my point, at least partially. Even going back all the way to Reagan years (and certainly for Romney) "fiscal conservatism" was not actually about the economy or saving money; it was always about cutting social safety net programs that help minorities while enriching the elites (especially defense contractors and banks).
It's a convenient piece of fiction that allows people to vote for conservatives who pass hateful legislation while claiming to be "not a racist," but fiscal conservatism in the US is and always has been racist. If we want to see any change, we need to start forcing the media outlets and "fiscal conservatives" to say the quiet part out loud instead of getting away with claiming they are "not racist but..."
Agreed, de facto, budget cuts have been and would be racist.
Fiscal conservatism actually does mean something though. Like you could imagine a left leaning fiscally conservative government that maintained a balanced budget by raising taxes on corps and the wealthy. That would be basically fine (though I think on balance not as good as running a modest deficit to fund nice policy). If you just go, yeah no those words are henceforth no-bueno, aren't you just buying into their doublespeak?