The Pajama Game is a musical based on a book called 7½ Cents. The characters in the story work for a pajama factory, but are getting fed up with their small paychecks, so they demand a raise of 7½ cents. Of course, the boss refuses their request so they go on strike. This song was performed at a union meeting during the show to garner support for the strike.
The lady in this skit is Carol Haney (1924-1964) a very talent dancer and actress from Massachusetts. If you enjoy older musicals, check out her IMDB page here.