"Waters the worker's beer" is not in the bosses' songbook. I used to have the book it is in, but can no longer find it. Several songs on this thread, including the 2 I posted, are from the "Bosses' Songbook." And those songs aren't really all that conservative. One Bosses' Song begins:

Slaves of Wall Street, here we sit
Covered with reaction's shit,
And our sweat is filling Morgan's filthy till,
And the Fascists as they pass,
Jam Taft Hartley up our ass,
And we've almost had our _______ fucking fill!

When the Fascist Forrestall
Gives his Fascist battle call
To take arms against the day of liberty,
We will all go underground,
Till we hear the welcome sound
Of the Soviet forces of democracy!

That, I believe, is a parody of an old fraternity song known as "Stroke, stroke, stroke you master Betas."