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What I'd like it to mean - the belief that government intervention often hurts the people that it's meant to help, so should only be used in limited circumstances and be carefully designed.
It seems to mean white supremacy, misogyny, homophobia and xenophobia instead.
The idea that government intervention is bad puzzles me every time I encounter it. Government in a democracy should be "the people" and intervention could protect you in so many cases. Assuming you're from the US, from an outside perspective your job 'market' is utterly fucked. Because of cuts to the welfare system (which have been marketed with somewhat racist propaganda, see welfare queens), most people are forced to take highly unregulated, low-paying jobs (yes, plural) while rich people and big companies earn more and more. The government could intervene and make it harder for companies to exploit workers the way they're doing it right now.
Look at how it was 60 years ago. Single income, blue collar households could afford houses. Now double income academic households can't. And all that despite the huge technological progress we made. We need so much less manual labor than in the 1960s. Everything should be easier. For everyone.
That is because denying welfare to people who need it happens to line up perfectly with the beliefs of those groups you named. Neoliberalism didn't work out for the people, only people still voting for this shit are bigots and gullible morons.
That definition doesn't seem to fit the verb conserve or adjective conserving. If it's specifically about government, wouldn't it be better to use a term for that instead of the broad conservative? Slim Government?
In terms of economics, liberal and conservative used to mean regarding the role of government. They've taken the opposite meanings in American political discourse.
Even the first part of your comment is some fairy tale rich people tell you so they can make more profit.
I think they're often wrong, but I've known a lot of people who aren't rich and believe it in good faith.
Of course they believe it. Rich people get idolized like crazy and rich people are constantly saying that programs that benefit the average citizen are bad and are too expensive for the tax payers.
Conservatives spent two generations actively trying to make the government worse and less effective just so they can turn around and say "look how shitty this is!"