Jack Donaghy is having a perfect day, a day where he has perfectly solved every problem and succeeded at everything that he has tried to do. This success is called "Reaganing". Jack hopes to keep it up for 24 hours. Liz is about to come in to talk to him, but Jack's assistant Johnathan doesn't want to let her in becuase she has so many unsolvable problems that even Jack can't fix.
She eventually does get through and informs Jack that she wants to break up with Carol. Jack drives with her to the airport where Carol is to try to figure out and solve her problem: her "performance" problem. Jack and Liz end up in a traffic jam caused by Tracy Jordan filming a commercial that he can not remember the line to.
Jack and Liz figure out that Liz doesn't like sex because of a "roller skating incident" that happened to her when she was 9. ( She slipped on her skates in the house with her underpants off and was found by her mother, squirming underneath a Tom Jones poster. This made her mother take away all her other posters, causing Liz to think that sex makes the people go away.)
Jack does solve Liz's problem, but a little too late, he doesn't solve it in 24 hours, so he doesn't have a true Reagaing experience. He realizes that Liz's performance problems are caused because of Tom Jones. When she did it with Carol in Vegas, there was a Tom Jones billboard right outside her hotel room window. Jack also fixes the Tracy Jordan traffic jam by making Tracy eat jelly beans to make it look like his mouth is moving and then imitating his voice into a microphone. Liz decides not to break up with Carol! Excellent!
Meanwhile, Kenneth and Jenna pull a con sceme using Jenna's free ice cream for life card where they take the card, buy a bad cake, and then return in for cash. When they get caught, Kenneth goes crazy, wishing to prolong the con. When their stealing gets out of hand, one of the workers at the ice cream store gets fired and Kenneth sees that his actions hurt someone.