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The line is in reference to the 1933 Mae West and Cary Grant movie I'm No Angel. West plays Tira, a dancer and lion tamer at a carnival. After running into trouble, Tira is in dire need of money. Tira asks Big Bill Barton, the owner of the carnival for a loan. Big Bill only will only agree to a loan if Tira puts her head into a lion's mouth in a stage act.

When one of Tira's admirers, Jack Clayton (Cary Grant) compliments Tira on one of her acts, she replies, "When I'm good, I'm very good, but when I'm bad, I'm better."

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The Tang Trio of Lips singers were advertising characters for the Tang Orange Drink company. 

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The slogan “Reagan Knew and Forgot” is associated with the Iran-Contra scandal during Reagan’s presidency. The scandal came about in November, 1986 when Reagan negotiated the sale of arms to Iran in exchange for the release of the seven American hostages that were being held in Lebanon. The Iranian group that was holding the hostages was connected with the Army of the Guardians of the Islamic Revolution. Arms were supplied to Iran from August 20, 1985-October 28, 1986.

Although some of the hostages were released, three more Americans were abducted in October, 1986. It is not clear what Reagan’s role was in the scandal, but the situation affected his popularity and his approval ratings dropped from 67% to 46%. Furthermore, the scandal severely damaged the United State’s reputation abroad. There were several investigations and indictments as a result of the scandal, however George H. W. Bush, at the end of his presidency, ultimately pardoned all of those indicted or convicted.

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This may be a reference to a British TV program called, "Trust Me, I'm a Doctor"  that analyzed the state of British health care with a combination of factual reporting and satire.  

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The phrase "More fun than you bargained for" is a variation of the popular phrase "more than what you bargained for". This expression means that one is getting more than they expected to. Therefore the phrase, "More fun than you bargained for", means that one will have more fun than they expected to have.