Typically used derisively to imply another's political beliefs are primitive or backward.
Of a Conservative: One who is so conservative, they wish to move things backward in time instead of merely keeping things the same/progressing very slowly.
Of a Liberal or Progressive: A Liberal or Progressive who believes they are in favor of individual rights and freedoms, yet advocates policies that actually suppress individual rights. A result of over-zealous and incorrect application of the concept of "political correctness"
Conservative: We should lower the nation's budget deficit
Regressive: We should go back to the Gold Standard
Progressive: Minorities should be free from discrimination
Regressive: People should be jailed for discriminating against minorities
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