Part of the problem, is that it is mostly older people who lobby their council. Who in turn simply complain that the rates are too high. So the council just increases debt, to try and keep rates low. If you are aged 70+, you are not going to mind about asset sales or debt increases. As you will probably be dead before the credit crunch happens.
Its not just the oldies
When John banks got elected mayor, he tried to cut back spending , to try get rates & debt under control .
His proposed cuts had massive public outcrys . It couldnt be done, Akers wouldnt let him cut back on services (ie spending) .
I agree that nothing will change untill it all hits the wall & Ak Council (and other councils) can no longer get loans to fund their spending excesses.
20K per Ak ratepayer. thats how much we all have to pay back . We all owe $20k . And its getting worse , not better .