This is a lesser known version of the far more famous Brecht/Eisler Solidarity song. The first verse is reminiscent of Brecht's line in the Threepenny Opera, 'Erst kompt das Fressen, dann komp die Moral' -first grub, then the moralising.
The idea behind the last verse comes from the Communist Manifesto, 'workers of the world unite, you have nothing to lose but your chains.' In the C19 many in factories and elsewhere worked for a pittance, making huge profits for their capitalist bosses whilst nearly starving themselves.
It is no coincidence that President Obama, who knows his history, is in favour of profit sharing.