The artist is right. I don't think that the song is talking specifically about the war in Iraq, or President Bush, but rather is a broad commentary about power and the high concentrations of it instilled in certain people.
The song might as well be talking about Vietnam, or the Phillipine War, or any genocide or war. The message, though, is clear: war is a product of the higher powers: prime ministers, presidents, and ceos.
(There's a really scary and disturbing book, but it is amazing: Johnny Got His Gun, by Dalton Trumbo--if you've got time & the disposition, read it: its message is similar to that of the song, but much more graphic.)