What does "it" refer to in "it's raining"?

Question

I wanted to leave the question title as is so as not to take away from my amusement

Answer 1

LOL. "It" in the sentence, "it is raining," refers to the physical condition at the physical location referred to by the declarer. So, if the declarer refers to where the declarer is located, then it refers to the declarer's location. This is almost always the usage.

The declarer can also refer to a location other than where the declarer is located. Thus, if the declarer is is in Chicago, and is on the telephone with someone in New York where the declarer hears the rain on the phone, the declarer may simply remark, "It's raining."

Answer 2

"It" in this case is an 'empty' noun, meaning it doesn't refer to anything particular.