That was the strategy Nazi Germany used, that is until they were defeated at Stalingrad and had to gear up for Total War, something it could not do until it was too late.
The Nazis followed the strategy of borrow-and-spend because it appealed to their conservative social policies, and allowed the Aryan people more breathing room for outdoors sports, recreation, eating, and it was hoped by the SS - breeding. So, the Nazis looted as many corporate pension plans as they could and filled them with Nazi bonds to fund the military... They taxed their people lightly, and employed a "lightening war" strategy which suited their rather meager supplies of fuel, war material, and war budget.
The United States, on the other hand, under the leadership of a Democrat President, went to war with a Total War mentality. Enormous taxes were raised, the private sector was reduced to allow for a bigger government, and the sporting needs and wants of the population were not given much priority. This strategy was pursued by the USSR too.
The tax-and-spend approach achieved much better results. The US continued to follow it during the Cold War to match the Soviets. The dubious fascist model of borrow-and-spend was followed by Reagan, but by then the Soviets were on their way to collapse anyway. Luckily they fell before borrow-and-spend had a chance to play out to its predictable, ruinous end for the USA