Lyric discussion by cellophaneskin 

The line "I hope the Russians love their children too" is saying, that if the Russians started a nuclear war, it wouldn't be just the soldiers in the war, the entirety of the countries would suffer- children would be killed and grow up in nuclear wasteland. If you love your children, you wouldn't start an atomic war. "Mr Krushchev said 'we will bury you"- Krushchev did say that and JFK asked if it was a threat. Each side was threatening to start a nuclear war on the other. "We share the same biology, regardless of ideology."- we're all human, regardless of whether we're communists or capitalists. Mr Reagan says we will protect you- the president is promising to nuke the Russians if a war started out, to protect "america's children" and then again with the line "what might save me and you (meaning both the americans and the russians) is if the russians love their children too." It's not a racist song, it's a song promoting peace to the end of the cold war.

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