Washington, D.C.—The extent to which American businesses will be able to compete – and American consumers, survive – under cap-and-trade is the topic of Day Three of the Waxman House hearings this afternoon. Dr. Robert Michaels, professor of economics at California State University at Fullerton and senior fellow for the Institute for Energy Research (IER), was one of the witnesses asked to testify before the Markey subcommittee today, calling cap-and-trade the “most profoundly anti-consumer legislation ever brought before a Congress.”