Nobody is especially eager to do either of those things - the people who would have to be thrown overboard are especially not enthusiastic about it, and nobody's exactly enthused about the alternative solution of choosing our least favorite arms. So as long as it's possible to pretend that everything's going to be fine and we're not sinking and the hole isn't that big anyway and even if it was, we could always patch it eventually, and even if we can't, maybe rescue will get here in time ... we're not going to resort to that. Not until we absolutely, really have to.
By the time we're desperate enough to resort to such things, it will be too late and there will no longer be time to select who to throw overboard or conduct the necessary amputations.