Second Reagan in charge? That's stupid (7)

I believe the answer is:

moronic

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'stupid' is the definition.
(I've seen this before)

'second reagan in charge?' is the wordplay.
'second reagan' becomes 'moron' (I can't justify this - if you can you should believe this answer much more).
'in charge?' becomes 'ic'.
'moron'+'ic'='MORONIC'

'that's' is the link.

Can you help me to learn more?

(Other definitions for moronic that I've seen before include "really stupid" , "Omicron (anag) - stupid" , "ROM coin (anag.)" , "Foolish" , "Mindless" .)

I've seen this clue in The Telegraph.

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