This article is from the James Taylor FAQ, by Joel Risberg (email@example.com) with numerous contributions by others.
From Ken Kwartler (firstname.lastname@example.org):
"First Day of May" - Rooted in his father's annual quote "hooray, hooray,
first day of May, summer f___ing begins today" (JT - Mountain View, CA
concert in 1990)
"Railroad" - About his frustrations with loss of creative control while
acting for the film Two Lane Blacktop (JT - introducing the song on the
"Bitter End Years" LP)
"Only a Dream In Rio" - About his trip to Rio for the above mentioned music
festival, and his reaction thereto
"That's Why I'm Here" - Second verse deals with John Belushi's drug overdose.
"Let it All Fall Down" - Written about Nixon and Watergate, and even
released as a single only a few days before the "smoking gun" revelation
and Nixon's resignation.