My parents always used the typical line: "this is going to hurt me more than it hurts you" and I can remember being made to "go get the belt".
I don't believe in hitting a child ever, under any circumstances! I appreciate the fact that children do need disipline and structure, but nothing justifies physical abuse. It teaches children that violence is a way of resolving an issue. Not to mention the fact that the very people a child loves, trusts and looks to for protection, then beat them, making them feel worthless and rejected. There a far more effective and responsible ways of parenting than hitting a child.