I think this talking point was co-opted by Clinton and became a joke under W.
Under Trump, this brand of fiscal conservatism only occasionally shows up as a rationale for populist driven cultural regression or destroying impediments to crony capitalism and corruption.
It does sort of make sense. Trumpism isn't really about conserving much of anything except greed, corruption, and selfishness. All these pesky liberal laws laws and norms like truth, loving your neighbor and doing into others are for suckers, unless, of course they benefit "me" and not "thee.'