>>> In the context of the show, the song can never be updated. FOLLIES takes place in 1971, and always will. Carlotta in 1971 would not be singing about Barbara Walters, Bill Clinton, Britney Spears, and reality TV. I can see updating it for cabarets, etc.
Agreed. And I think it's sorta good that one doesn't always pick up the references. This is an older woman making references to things in the past. She's singing about things that are relevant to *her*, not to you. It's just like when an older person today talks about listening to the wireless or eating a Denver sandwich (my parents tell me there was a chocolate bar with this name). The old school references adds to the charm of the song.
Coach Bob knew it all along: you've got to get obsessed and stay obsessed. You have to keep passing the open windows. (John Irving, The Hotel New Hampshire)