[5][6] In the first verse, Render announces that rappers should be "indicted for bullshit we inciting" due to his belief that they internalize Reaganomics despite their opposition of similar "economic and political systems" according to the analysts Erik Nielson and Travis L.

[8] Nielson and Gosa called this a critique of what they believe Render perceives to be a presidential neoliberal dominance since the 1980s, with Berry noting the line "strengthens Mike's claim that they are all complicit in a system of oppression".

[7][6] Render references the clause in the U.S.'s thirteenth amendment that can allow forced labor for prisoners and goes on to rap about "the racial implications of the war on drugs on black people, government surveillance, and trickle-down economics".

"[13] Pitchfork gave "Reagan" the designation of "Best New Track", with the critic Jayson Greene noting that it had the elements of his previous best works with the additional "cleansing power of a confession".

[15] The production, which features "an ominous blend of sullen piano keys and deep synths" according to Marcus J. Moore of the BBC, was said by Roman Cooper of HipHopDX to exemplify the album's best collaborative effort between El-P and Killer Mike; he compared the fittingness of their new partnership to that of Ice Cube and The Bomb Squad.

[16][17] Brandon Soderberg of Spin found the song to be "as insightful as the anti-Reagan chapters of Rachel Maddow's pop-thesis Drift", but lamented the equaling of him to Barack Obama.