I made a typing error in the chorus; the third line should read 'lead' not 'lends': "Which lead to grassroots liabilities which at this point I'd rather not....".
Also, "---in doctrinaire philosophies" should read "not in doctrinaire..."

I got the words from Jens, an Irish-speaking German. Jens made some changes to the words as found on MacConnell's CD "Peter Pan and me" (Spring Records), such as "Dublin" to "Derry" and using direct quotations for questions, for example "Do you take sugar in your tea?" . I prefer those changes, but I've taken the time to compare Jens' transcription to what I hear on the recording and I now offer the following official version:

The Politician's Song --Mickey MacConnell (Ireland) (Elmgrove Music)

Well, for twenty frantic fruitless years I worked in Dublin town, Reporting for newspapers, I was busy writing down All the words of politicians in the endless quest for truth. It was such a wasted exercise; I squandered all me youth. That's the cause of my misfortune, as I'll explain to you, For I find myself now talking like politicians do. So if somebody should ask me do I take sugar in me tay, I grasp him warmly by the hand and this is what I say:

(chorus)
Well, I'm very glad you asked me that, for at this point in time
In the circumstances that prevail, there is in the pipeline
Infrastructural implications interfaced with lines of thought
Which lead to grassroots liabilities which at this point I'd rather not
Enunciate in ambiguities, but rather seek to find
Negotiated compromises, which are the bottom line.
For full and frank discussions which could serve to integrate
The basic fundamental principles to which we all relate.
Not in doctrinaire philosophies that any fool can see
In inescapable hypotheses confronting you and me.
But in the interest of the common good, now you need never fear,
For I have the matter well in hand; I'm glad I made things clear.

Now as you can imagine, this has greatly changed my life
An example is the fateful day on which I wed my wife.
All went well until the moment the priest asked me with a smile, do you take this woman for your wife?
And swiftly I replied: "Well, I'm very glad you asked me that...."

Now I'm lying on my deathbed and I'm filled with mortal dread
For I know that very shortly I will certainly be dead.
and when St Peter asks me do I want to come on in,
I'm sure to face damnation for I know I'll say to him:
"Well, I'm very glad you asked me that..."

p.s. addition to list of Mickey MacConnell songs on the Cat; as far as I recall, MacConnell's version of the Tinkerman's Daughter is on a forum thread also.