Online discussion speculates about punk pioneer Pop’s political views. He may have voted for Reagan, and later voted for Clinton. Perhaps he is thus non-partisan, or just confused. This song from 1980 likewise fails to coherently articulate what the ideology of conservatism is all about.
Well, like Iggy’s politics, conservatism is hard to pin down. The dominant writer, Edmund Burke, coined what the ideology might be, but scattered across many writings. And the ideology is considered a reaction against what might come in the future, with reverence for the past. This means conservatism can be situational and geographically-dependent.
How does this relate to the song? The joke of it is that it is tough to be a conservative, because a life of privilege is challenging. Burke himself was not overly sympathetic to the values of democracy. He felt it is associated with chaos, mob rule and a tyranny of the majority. Instead, people sometimes need the wise guidance of a governing elite. Burke in a way was the conservative Iggy unwittingly lampooned.