This life is my life, that life is yours. Ain't that the truth these days! We just moved into a new house and I was pleased that the neighbors were kind enough to come over and introduce themselves. But, we do tend to lock ourselves in our little boxes and only come out to go to other boxes and lock ourselves in there. Not much of a communal society.
I actually hadn't considered the song from that perspective, which is odd, since it seems it would be the most obvious being that it is the literal inversion of Guthrie's original message (especially considering the verse that is nearly always omitted: " there was a big high wall there that tried to stop me/a sign was painted, said 'private property'/but on the back side it didn't say nothin'/this land was made for you and me "). Perhaps it's due to my familiarity with the rest of the artist's work (and what diverse work it is) that I instantly viewed the song as referencing a breakup, but the line " we've already tried to make it one life " pretty much cemented that interpretation for me.