How should I interpret the following lyric from America:
we ain't had no time to drink that beer?
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Using correct grammar, this means:
It's hard to know what 'that' is referring to out of context, but quite likely 'the' or 'any' would work in place.
I don't think this is actually a double negative. For example, in French to say "I don't know", you say "je ne sais pas." Both the "ne" and the "pas" mean 'no' in a sense, but you have to use them together to convey the sense of 'no'. I think in this case, "ain't... no" is a similar construction. And it just means "no" or "didn't", etc.
The double negative in slang is generally redundant, i.e. it is a single negation.
"We aint had no time" actually means "We aint had time"
... and so on :)