I'll agree with that to a point. What the private sector would do, is essentially cut out all the waste and fat, but convert it to profit without lowering the price to consumers.
that assumption really depends on where you are drawing the line between profit vs. waste. Executive perks like private jet usage and $35,000 office furniture are commonplace in fortune 500 circles. That money never reaches shareholders as profit. It is the waste and fat of the corporate world. There are also wastes in the corporate world at lower levels. Corporations have bureaucracy and redundancy and lazy employees hiding under their desks and fraud and abuse just like in government enterprise. Really the only difference is that in government it's harder to fire low level rank and file people due to civil service protections, but the executives live by pretty much the same rules in either entity and they rob the other stakeholders blind when no one is looking.
However, this point does speak to what exactly is at stake in this confrontation between Putin and the West. Right now, as bad as our plutocrats are in the west, we have some semblance of rule of law to hold them to account when they are sloppy enough to get caught. Enron got caught. Wells Fargo got caught (although Trump has rolled back their penalties with a tax cut.) Shkreli is going to jail. We have recourse in the western constitutional democracies. We have to fight against a tidal wave of money and power to avail ourselves of the court system, but it CAN be done.
In Putin's kleptocracy, there is no rule of law. Getting caught red handed means nothing unless you are stealing from Putin. The other stakeholders in commercial enterprise, the workers and customers have no recourse against the actions of owners. There ultimately are no protections provided by courts because Putin can and will "shoot someone in the middle of 5th avenue" and get away with it. The purpose of sanctions against Putin and his kleptocracy is to attempt to isolate their wealth. To raise the costs of doing business that way to the point where it becomes unsustainable. If the west fails... If Putin & co continue to enjoy free movement of their capital around world unrestrained, then the plutocrats of the west will level the playing field, by sinking to his level. As bad as things are today for the "economically anxious" IT WILL GET WORSE. Global commerce is going to continue. Corporate corruption and exploitation are not going anywhere in this era under any form of government or any political party. The fight is will things get better or worse. I'm not arguing Dems vs. Rs here. I'm arguing the Putin Kleptocracy model vs. Western constitutional democracy model. One is decidedly more humanistic and worth protecting.
The so-called "coup" against Trump is a fight (within the law, there has been no coup) to keep Putin'esque Kleptocracy from taking apart constitutional democracy, even if (at worst) just the edifice and expectations of such.