Whatever the song was intended to be, it's not about small towns, or race (well, somewhat, yes): it's about Bullying and unfettered fanatical Competition with no sense of the usefulness of a society. It's about "losing something you shouldn't have had in the first place": Privilege (even the privilege of "punching down", as another commenter noted). Bullies have been running civilizations (especially small towns) since civilizations began, and all they know is the Competition, and the advantage that put them somehow where they are comfortable (with their bullying buddies, hanging out, humiliating the weak, and claiming the moral high ground with their System of Bullying (religion, advertising, intimidation).

They're all getting anxious because they are going to die and burn with the rest of us, thanks to the Power of the mean Mean.