According to Meyerson and Ernest Harburg, the challenge that Yip Harburg faced in crafting the lyrics was "much like the challenge confronting the street-corner panhandler: to establish the character's individuality and the moral and political basis for his claim". They write that the latter achieved this by gradually building intimacy with the listener, starting in third person and moving into first, second, and then both first and second combined ("I'm your pal"). The internal rhymes help the listener remember that the singer was working towards a dream, which is now shattered. They also write that the song is a "masterpiece of economy" in building towards a "climactic assertion of commonality and interdependency" in "I'm your pal". "The music and lyrics together make us feel the quiet desperation of the singer."