The world is too complex and random for Reaganomics to work. 9/11, Irene, Katrina, Sandy, Global Economics, and The Great Recession of 2007 are all examples of this randmoness and complexity at work.
Most importantly, the whole idea is based on the idea that people are rational actors. Neuroscience over the last four decades have shown that to be false. People are not rational and they are even less rational in periods of stress and disaster.
In the meantime, corporate profits are at a record high. The stock market is near a record high. The tax rates are at record lows. The gap in wealth between the top 1% and everyone else has not been this large since right before the Great Depression almost 100 years ago.
To be sure, there is no freedom without capitalism. From top to bottom, people have a right to capitalize on their thoughts, ideas, energies, and labor. That right stops at causing undo harm to other human beings. That is where capitalism has to get off the bus and a government of the people, by the people gets on.
In short, capitalism is good for setting prices on goods and services. It is excellent at balancing supply and demand, but it is woefully inadequate at determining right and wrong.
For right and wrong, it is completely up to us to educate ourselves and govern ourselves in times of relative calm and peace to help guide us through times of randomness, uncertainty, and the resulting irrational behavior.
The bottom line is that if you value the middle class, the first thing you have to admit is that the middle class not happen by accident. The middle class does not "trickle down."
The middle class is a purposeful human creation. The middle class is not the natural consequence of half-baked trickle-down economic theory based on a provably false basis of human rationality.
The middle class only happens by intelligent design through human ingenuity.