Lyric discussion by befamous7 

First off, this song is amazing.

It's pretty self explanatory. The underlying point is how we Americans are pretty ignorant and full of ourselves. We think of our nation as the best/greatest/honest/caring/etc. on the planet. We often talk about other countries and the horrible things they have done, while the horrible things we have done are often ignored. "But it's a land of the slaves and the ku klux klan. Haymarket riot and the great depression. Joe McCarthy, Vietnam."

It is basically a way of saying, step back and know our history as Americans before you go celebrating how awesome we think we are.

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