(Not for the flag, but for the Great Seal):
White signifies purity and innocence, Red, hardiness & valour, and Blue, the color of the Chief (the broad band above the stripes) signifies vigilance, perseverance & justice.
I think the artist is saying that Reagan didn't put his blood on the line for his country (if we ignore his getting shot while in office). Or by making the flag mostly white, he's pointing out his cowardliness?
I'm not quite sure what he's saying with the WTC imagery in the lower left corner; perhaps lumping him in with the Republicans responsible for that... (The Beirut bombing was probably too obscure these days, and the image not well known - http://en.wikipedia....le:Beirutbarr.jpg )
It's a great image. Lots of things one could discuss. Much better than Lincoln on a grizzly, but JFK Alien Hunter is very good - http://sharpwriter.d...gallery/#/d4pkjsl :-)
Cheers,
Scott.