Political angle: The song came from the show Knickerbocker Holiday (set in the early days of New York City) that was supposed to be critical of FDR.
I was unaware of that.
This one is explicitly critical of one of the New Deal's major programs, the Works Progress Administration (WPA). It is said that Glenn Miller wanted to record it, but the musicians' union wouldn't allow it.
WPA--Skeets Tolbert & His Gentlemen of Swing (1940)