The parody is set to the tune of Woody Guthrie’s “This Land is Your Land“, and it would appear that even though the song was written in 1940 it is still under copyright. While the song parodies the patriotic message of the original song, some accuse it of using the song in satire of the current election. It would certainly seem to me that it does both.
A parody is protected fair-use legal since it pokes fun at the work that is modified. A satire is not fair-use since it uses someone else’s work to poke fun at a 3rd party. So I guess the question is if the including of satire in a parody is still fair-use – or – is this really a parody of the original song.
UPDATE: I found a direct link to download / watch the movie. The comercials that Atom Films (check out the 2004 Star Wars fan film winners) make you watch didn’t seem to work right some times. Also, just fair warning that the video will most likely offend everyone ireguardless of political views. It is great that way.