I think perhaps "poetic licence" is the thing we are discussing Gallus. Guest Observer's points do appear to be valid, tho' I would not have expressed them to Jim so forcibly.
Personally, I'm not too keen on folk music as a political vehicle these days, but I'm also sure Jim wrote the song with entertainment and humour in mind.....preaching to the converted :0), but I'm afraid most of the great political ideas that I have had in my life, have perished in the depths of despair, or the rocks of reality.