And that's not inherently an insane approach. If we've been going in the wrong direction for the last 70 years, the most useful move is to go back to where we were.
Now, in practice, it's not that simple. You can't just go back. You don't even want to just go back; parts of 1950 we do not want to return to. And you don't have the people you had 70 years ago, or the expectations, or even the societal values.
But I think this explains why a conservative could want to radically shrink (or, rather, de-grow) government, and still legitimately remain a conservative.