Using the term "The Holy People" to refer to members of the Jewish nation may have been very common among the Jews of Jesus' day. It may be common among Jewish people today. I don't know. I'm not Jewish. The question is not: "is it possible to find anti-jewish sentiment in this song", but rather: "is it reasonable to believe that someone of a non-jewish background writing a song C. 1960 would associate the term "The Holy People" exclusively with the Jews."

I personally think this is a bit of a stretch. If the song actually referred to "The Jewish leaders" instead of "The Holy People" I think you would find a lot more support for the anti-semitic argument.

One might just as well argue that the Bob Dylan song "with God on our side" is anti-native american, since it contains the lines "the cavalries charged, the Indians died/For the country was young, with God on its side"