I feel that, at the time of its release (1982), this song (and album) was the ultimate in Donald Fagen/Steely Dan sarcasm. Somehow, I think sardonic is the better word, except that's an adjective rather than a noun.
I.G.Y. stands for "International Geophysical Year" which was some special designation that fell upon the year 1957. Who decided that, IDK, best to check wikipedia if you're curious.
The United States felt confident as to their role in the burgeoning "space race" at that time. Very optimistic times, all in all. Anyway...