Theleveller, the song was written in a specific time period (1946, re-recorded in 1955). Lord Invader, the composer, grew up in the 1920s and attended a Catholic school in Trinidad. Until very recently, corporal punishment of children (including whipping/caning) was commonplace in schools and homes around the world, according to my parents and teachers, who remember corporal punishment from when they were in school. I believe the birch and cat o'nine tails were used to punish young offenders in Britain, America and British colonies.

Invader is singing this song as someone who can remember corporal punishment, or "licks" on the bottom as a punishment (common before the 1950s). He seems from this song to have been one of those adults who say things like "Being whipped never did me any harm." I'd sing it explaining the content, but I wouldn't sing it at a juvenile justice centre, for example. You can choose not to sing it, but if someone wants to sing it, they should introduce it adequately.