The song references the vision of postwar optimism in America and the Western world. The “76” referred to in the song is 1976, the United States Bicentennial year.
But it sure hasn’t gone that way.
From the article:
“I.G.Y.
The song opened with a bright synthesiser and smooth drums that created an optimistic, almost floating atmosphere. The lyrics sketched a vision of the future as it was dreamed of in the late 1950s: cities powered by solar energy, an undersea tunnel between continents, permanent space stations and spandex jackets for everyone. Fagen sang as if he were looking from 1958 into the future, with the United States bicentennial in 1976 as a reference point. The lyrics mentioned a machine that would make major decisions, programmed by men with compassion and vision, and spoke of a world in which everything would be possible.
The meaning of the song lay in its layered nature. On the surface, it appeared to be a cheerful celebration of progress, but the lyrics contained subtle irony. Fagen had personally experienced how the dreams of the 1950s did not materialise and how the optimism of that era was replaced by political scandals, the Vietnam War and social unrest. The line in which he promised a beautiful world was simultaneously an acknowledgement that such promises were often unfulfilled”.
The dreams were of America then but look at America now. Being overtaken by Socialists, Communists. I do hope ‘we’ wake up.
Fagan is a visionary -
https://www.youtube.com/watch?v=lG8kLRXXuXk