Check this out:

http://www.pbgc.gov/news/press_releases/2002/pr02_16.htm

Few people noticed it, but last week the federal government, and by extension every American taxpayer, assumed a $2.2 billion debt in the government takeover of bankrupt steel maker LTV Corp's pension plan liabilities for its 85,000 workers and retirees.

That's right, folks. You, and I, and everybody else in America just got handed a bill for $2.2 billion because a US steel maker went bankrupt.

(The US government had no choice in the matter - it's the law. All traditional private pensions are guaranteed up to certain levels)

Now I don't like the thought of protectionism and unnecessary trade tariffs at all, as it goes against my basic free market philosophies, but I can certainly understand the motivation, among Republican and Democrats alike, to try to level the playing field for struggling domestic steel makers against foreign producers who are dumping their product on our market below cost. If and when the next American steel maker goes under, what will the bill be for US taxpayers?