To the Editor: Megan Leonhardt's excellent article documenting the Immigration and Customs Enforcement raid on a small racetrack in Louisiana -- and the potential adverse financial effects on the horse-racing industry -- illustrates the deleterious effects that President Donald Trump's policies will have on the economy of our nation and the world (" Inside the Immigration Raid That Shook Horse Racing -- and What It Means for U.S. Businesses," Cover Story, July 18). Agriculture and construction, two economic heavyweights, are greatly affected by the ICE raids, which round up many more hardworking, taxpaying, law-abiding people than hardened criminals. Furthermore, the cruelty of the treatment of these people as they are sent to the notorious "Alligator Alcatraz" or deported to war zones around the world is a huge stain on our reputation among the international community.

Bill Gottdenker Mountainside, N.J.

Different Bubbles

To the Editor: Bubble it may be -- or maybe not (" How Trump's Policies Are Boosting Tech Stocks -- and Helping to Inflate a Bubble," Up & Down Wall Street, July 18). One should acknowledge that relaxing chip exports to China, favorable tax treatment of research and development, and higher reported earnings from a weaker dollar are all real, fundamental benefits that will increase cash flow and/or earnings, which help justify higher price/earnings ratios. The real difference between now and the information-technology bubble of the 1990s is that the latter was priced on hopes that had no future.

Thomas W. Schoene La Jolla, Calif.

Do Nothing

To the Editor: Regarding " Social Security Forecasts Are Getting Worse. Should You Claim Before It's Too Late?" (Retirement, July 17): It's time for Americans to embrace two conclusions with respect to the funding of Social Security: 1) The current do-nothing policy that will result in a roughly one-quarter reduction in benefits in 2032 or 2033 has overwhelming support from both Republicans and Democrats, and 2) doing nothing and accepting that reduction may be in the best long-term interests of our nation's fiscal health.

Mark Holmlund Glenbrook, Nev.

Pay the Piper

To the Editor: Allan Sloan is spot on (" The Math Behind Trump's Fed Critique Doesn't Add Up," Sloan's View, July 18). Even if short-term Treasury rates are decreased, longer-term rates may rise if the market expects high inflation and/or increased government debt. Investors demand higher returns for the risks of longer-term investments. The U.S. government must pay the piper for excessive debt.

Craig Chaffee Sacramento, Calif.

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July 25, 2025 18:20 ET (22:20 GMT)

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