Old McDonald's farm is always put in the past tense. I think he's either passed on or he lost his farm. The song is likely about his children fighting over who gets what at the farm. They're like "oh **** he's got pigs, cows, chickens, etc. everyone in except I'm old McDonald's favourite."
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Studies show that when a given norm is changed in the face of the unchanging, the remaining contradictions will parallel the truth.
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