Probably not. It's got some folk qualities, the melody is the sort of thing that people might hum or sing to some random words that come into their heads, and it has a folkie, guitar sort of accompaniment. The thing is though, it's a pop song, and, at least as far as I know, people are only familiar with it from the Soul Asylum recording.

If it was the sort of song that people who were not professional entertainers liked to play and sing, and if most people in a community knew without necessarily knowing where it came from; if it was just "out there", you might be able to call it a folk song, but just sounding "folkie" doesn't make something a folk song--