Red Skelton said it best:

"I" - Me; an individual, a committee of one.

"Pledge" - A solemn promise. Dedicate all of my worldly goods to give without self pity.

"Allegiance" - My love and my devotion.

"To the flag" - Our standard; Old Glory; A symbol of freedom. Whenever she waves
there's respect because your loyalty has given her a dignity
that shouts freedom is everybody's job!

of the "United" - That means we all come together.

"States" of America - Individual communities that have united into 50 great states,
each having pride and dignity and purpose,
yet united in a common purpose called "love of country".

"And to the Republic" - A state in which sovereign power is invested in representatives chosen by the people
to govern. And government is the people and i's from the people
to the leaders... not the leaders to the people.

"For which it stands" - One Nation, meaning "So blessed by God"

"Indivisible" - Incapable of being divided.

For which it stands "with liberty" - Which is freedom; the right of power to live
one's own life without threats, fear or some sort of retaliation.

"And justice for all" - The principle of quality of dealing fairly with others.
For all boys, girls, people. This country is as much mine as it is yours.