It's not offensive, just nonsensical.
East Coast trains, failed twice as private companies, taken over by government directly so suddenly public sector and making a profit.
Did private road hauliers in the 50s and 60s contribute to wealth but not the nationalised BRS?
And not quite the same thing, but I'll tell it anyway. The nationalised British Rail in the 70s ran special day trips at weekends that made money, using older coaches, so only cost was train crew wages and fuel. That would include maybe 20 trains to a Wembley cup final. That generated wealth. Thatcher sent in the accountants who said using the coaches only at weekends was poor stock utilisation so that marginal profit was lost. They also priced freight at marginal rates to get timber companies in Scotland on the West Highland line to send logs south by train, until the accountants said all freight had to bear its full share of fixed costs; the price went up, the timber went back on the roads, and the loss-making passenger trains still had to bear all the fixed costs.