Thanks to the British folks for bringing this up.
You do realize the song is a protest song, and a couple of the verses were pretty clear on that topic?
The underlying feeling is that this land is ALL of our (Americans) land, and we should remember that.

These verses are left our of some versions. Thank goodness Pete Seeger sang them when he performed at Obama's inauguration.

As I went walking I saw a sign there,
And on the sign it said "No Trespassing."
But on the other side it didn't say nothing.
That side was made for you and me.

In the shadow of the steeple I saw my people,
By the relief office I seen my people;
As they stood there hungry, I stood there asking
Is this land made for you and me?