"Auction off its assets and let the private sector takeover."
Why bother - who would want them.
Aside from the Northeast Corridor, where it has some economic value, Amtrak is just a toy for rich people with a lot of time on their hands. It does not even come close to competing with air travel in the real world.
I haven't run the numbers, but my bet is that if you simply bought everyone who wanted to ride Amtrak an airline ticket, it would be cheaper.
Hmmmmm.... an interestiong proposal
I'd like one of those nice feather beds their employees use........