From Michael Loring (1948) Progressive Convention for Henry Wallace.
I first heard this from Labor songwriter Joe Glazer -

THE SAME MERRY-GO-ROUND
(Michael Loring)
As sung by Oscar Brand on "Presidential Campaign Songs, 1789-1996"

The donkey is tired and thin.
The elephant thinks he'll move in.
They yell and they fuss, but they're not foolin' us,
They're sisters under the skin.

Because it's the same old merry-go-round,
Which one will you ride this year?
The donkey and elephant bob up and down
On the same old merry-go-round.

The elephant comes from the North.
The donkey may come from the South.
If you'll look you'll find the donkey's behind
But they've got the same bit in their mouth.

Because it's the same old merry-go-round,
Which one will you ride this year?
The donkey and elephant bob up and down
On the same old merry-go-round.

If you wanna end up safe and sound,
Get off of the merry-go-round.
To be a real smarty, just join a new party
And keep your two feet on the ground!

Because it's the same old merry-go-round,
Which one will you ride this year?
The donkey and elephant bob up and down
On the same old merry-go-round.

voyager