Only their methods differ; the results are about the same. One note comes due immediately (the Rat) while the other isn't due until some future time (our liberal).
"....while the other isn't due until some future time ..."
I am all for spending only what you can pay for, but are you against taking out a mortgage for a house to be paid over many years ?
For example, a new sewer system, if paid for immediately out of funds saved from the water rates of current users, would benefit those who who move in and have not paid for it, they get a free ride.
The expectation is that things will get better and the populace more prosperous so that the effective "bite" is less in the future years.
After the first 10 years or so of a mortgage, you could not hope to rent the same place for the cost of the payments you are making.