Privatization, which often entails handing government functions over to private entities (often corporations) to run has failed numerous times. For example, private prisons often have a larger inmate escape rate, as they try to save costs by not having as many prison guards. Charter schools cut costs by hiring inexperienced teachers or having students do janitorial work. The profit motive often times works in ways that causes services to suffer. Privatization of government fuctions has failed in this regard.
No, privatization has not failed America because it has made America very wealth. America started out as a forest. America has become wealthy because of private corporations that have done an excellent job meeting the needs and wants of the public. Privatization has been the reason for success in America. The poorest person in America is richer than the richest in Africa.