I mean, it doesn't look much like him...I wouldn't have known it was him without being told...and I would have had him dressed for riding rather than the Oval Office. Seriously, Reagan would never saddle up without cowboy boots on...no one would.
But that's me.
EDIT: I also cannot see Reagan ever using a US flag as a saddle blanket. No way.
EDIT: And the hat flying off looks more like Indiana Jones' fedora than it does a Stetson. Just saying.