Our Liberal Democratic Party is hot stuff this year. Nobody would call us the Loopy Democratic Party anymore.
The individual peoples party is the political group that believes in each individual of the people (or something?). The translation doesn't really get hinted at in this meaning, but this group is the Liberal Democratic Party, aka the LDP.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.