Bowie describes the feelings behind the song:
It’s not as truly hostile about Americans as say “Born in the U.S.A.”: it’s merely sardonic. I was traveling in Java when [its] first McDonald’s went up: it was like, “for fuck’s sake.” The invasion by any homogenised culture is so depressing, the erection of another Disney World in, say, Umbria, Italy, more so. It strangles the indigenous culture and narrows expression of life.

David Bowie, I’m afraid of americans