Lyric discussion by ThirdRevolution 

It's pretty clearly an anti-war song. particularly an anti-nuclear song.

"There's fighting on the left/There's marching on the right" refers directly to the political situation. Leftists remain divided and ineffectual while the right-wing, in spite of their best efforts, keeps marching closer to fascism.

"Don't look up in the sky/ You're gonna die of fright" seems to refer to nuclear weapons being the source of our eventual annihilation.

The general theme is that we are standing on the figurative razor's edge. If we slip a little, it's game over.

(insert intelligent review of how this comment was awesome and made me give it +1 here)

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