Lyric discussion by MrBuffle 

I can't believe how many people have missed the point. The chorus is stingingly sarcastic - the song is attacking the way the US high-fives itself about being the leader of the free world at the same time as it has profound sickness within its society. The versus point out some of the failures and sickness within this society, and some of the ugliest elements of humanity. Then, in the chorus, it is basically saying "but yeah, keep telling yourselves we're awesome and somehow better than everyone else because we declared ourselves so".

Totally agree

@MrBuffle Wow, it took me so many years to get here... My interpretation is pretty close to yours. This song talks about how US manage external conflict and internal conflict. Critical about both. It says that the democracy we are living in (USA and most western countries) isn't perfect and point out at their flaws. The chorus has two sides, one says like you said, "keep telling yourself you're the best", and the other says "It's not perfect, but it's our world and we need to keep going on and do our best".

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