The song is called "It Goes Like It Goes" and it may only seem lousy to you because it beat out "Rainbow Connection", but I encourage you to look at it through the Academy's perspective. "Rainbow" is schmaltz for the sake of it, and that kind of a song rarely wins an Oscar. Then you have the Norma Rae song, which is absolutely saying something relevant to a 1979 audience.
Now let's go forward two years to when "The First Time It Happens" was nominated and lost to "The Best That You Can Do". I will admit that that song, while catchy, is overrated, but the score to GMC is my least favorite Muppet film score, so you're not going to hear me complain about that.
Which brings us to the Bret Mckenzie era of Muppet songs. Bret hit the nail on the head when he said that an Oscar-winning song is only as good as the visual that goes along with it. And let's face it, that's the one thing that TM11 has on MMW.