The rich would get even richer and the poor would get even poorer.

It would herald the end of modern civilisation, and usher society into a dystopia.
Say food bye to workers rights, consumer rights, safety regulations, product safety regulations, food safety regulations, environmental protections. Unionisation would be criminalised. Prepare for the return of literal slavery.
Public education would be abolished. Public funding of the sciences and culture would cease.
Maintainance and construction of public infrastructure would end.
The the police justice system would become a privilege for the wealthy. The same would also be used to actively oppress the lower class. Your house is on fire? Hope you have not missed a payment on your over priced fire insurance.
Think “Idiocracy”, but worse.

Edit redacted.

Government does best at those things that are mutually beneficial. We are all better off having an educated workforce, so it makes sense to put government in charge of education. We all benefit from having highways that people take to work and that are used for moving goods, so it makes sense to have government in charge with creating highways. When these types of things are only done privately they tend to get messed up.

This.