Tax and Spend Liberal
The alternatives to "taxing and spending" are, (1) "not taxing and not spending" (see the California school system), and (2) "spend and inflate."
The proper alternative wold be "earn and reinvest," and to understand the alternative one needs to understand that any member of a community benefits from the institutions of that community, and those institutions (infrastructure items, etc.) cost money.
For all but the cripplingly stupid this meme came to an end when Bush bailed out wallstreet.