I don't think you got what it is trying to depict.

Ravin Sayami is a well known cartoonist of Nepal; any good cartoonists sometimes present work that are not meant to be humor or satire, but a mere representation of what's happening. I am positive Ravin's intention was to mock USA, Santa Clau's tear show the reaction of most Americans.

Is it a little insensitive? I wouldn't show this in a US classroom right now. But I wouldn't call it offending outright.