DICTIONARY.COM
lib·er·al   /ˈlɪbərəl, ˈlɪbrəl/ Show Spelled[lib-er-uhl, lib-ruhl]
–adjective
1. favorable to progress or reform, as in political or religious affairs.
2. ( often initial capital letter ) noting or pertaining to a political party advocating measures of progressive political reform.
3. of, pertaining to, based on, or advocating liberalism.
4. favorable to or in accord with concepts of maximum individual freedom possible, esp. as guaranteed by law and secured by governmental protection of civil liberties.
5. favoring or permitting freedom of action, esp. with respect to matters of personal belief or expression: a liberal policy toward dissident artists and writers.
6. of or pertaining to representational forms of government rather than aristocracies and monarchies.
7. free from prejudice or bigotry; tolerant: a liberal attitude toward foreigners.
8. open-minded or tolerant, esp. free of or not bound by traditional or conventional ideas, values, etc.
9. characterized by generosity and willingness to give in large amounts: a liberal donor.
10. given freely or abundantly; generous: a liberal donation.
11. not strict or rigorous; free; not literal: a liberal interpretation of a rule.
12. of, pertaining to, or based on the liberal arts.
13. of, pertaining to, or befitting a freeman.


Your definition works on the "Rodeo Clown" Show or Glenn Beck Show. Most of the founders were liberal.