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Whether all the railroads would have been pushed into bankruptcy had they not been able to shed their passenger trains is problematic.   All or most of the northeastern railroads, as well as many of the mid-western railroads, were forced into insolvency.  A number of factors contributed to their decline.  The outcome was not due just to their passenger trains.  But they - the passenger trains - were a major contributing factor. I lived in Australia from 2000 until 2005.  Moreover, I spent many months there, off and on, from 1995 until 2000. I saw the country go from statism to privatization of most state owned and/or controlled commercial activities. i.e. national railways, airlines, banks, electric utilities, etc. They even privatized commuter rail, trams, and bus lines in Melbourne.   Privatization was not a perfect solution, but it generated far better results than statism - "a system where there is a concentration of economic controls and planning in the hands of a highly centralized government often extending to government ownership of industry".
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