In my opinion, the words "socialist" and "communist" are generally used in a manner fairly consistent with their true meanings, since they are usually directed at Democrats, the policies of whom are usually actually based on socialist concepts or at least concepts derived from socialism. President Bush may not be a true socialist, but his thinking does come from the same mindset that socialists have in that he believes government should play a significant role in the ordering and arranging of society.
I agree with you on the word "fascist" though, not many of us use that according to its true meaning.
I think that's an overstatement. I don't think it's part of the democrat party platform for the government to own the means of production, for example, so describing them as communists isn't accurate at all.
They are certainly ideological kin to communists and socialists, but I don't think those words are descriptive. It's as silly as them calling conservatives 'fascists' routinely. It's just not a clear, accurate, and precise fit.