No, they are not. The 80's South American conflicts were motivated by desire to protect US companies and to combat Communism at any cost, not to sell drugs as the lyrics imply. The 1% does not rule America even if they do have a great deal of influence. The United States is also one of the least corrupt countries in the world, especially considering its size. 'The poor' have gotten wealthier although there is an increasing income gap. Religion is not a power play, it's a lot more complex than that.
Aside from what's just factually wrong with these lyrics they're also kind of stupid. Of course merchants 'manipulate' people, advertisement has to motivate customers somehow but to call it manipulation suggests that people are too dumb not to listen. Of course the numbers look the same - what's the point? There's no deeper statement being made about the degeneration of values brought about by greed, and that message is confounded by the clearly anti-rich rant in the song. If they'd said something about how everyone, rich and poor, constantly runs after money to keep themselves alive (as they did in Empire), they'd at least be operating at the level of of subtlety acknowledged by the fairly simplistic Karl Marx. By and large this comes off as the same, boring 'we don't like wealthy folks' message that's so old and tired it makes Dick Clark look like Usain Bolt.
I could buy these lyrics if they were trying to describe a dystopia, (and even then they'd be grievously unoriginal - a dystopian future where the rich rule the poor? Stop the presses!) but their use of current events clearly suggests to me that they're trying to make political commentary, which unfortunately every jackass with an opinion thinks he or she can provide with authority.