Lyric discussion by rdagger 

The song is a spoof on the media. Mr. Jones is a journalist. Bob was upset about how the paparazzi invaded his privacy and reporters were always asking him what his songs meant. I think Bob jokes that despite their education and their prominent position in society, they really don’t have a clue. You could probably also throw annoying fans wanting autographs into the equation.

Yes, lumberjacks are other media members who "cut things (people) down." I originally thought of them as paid thugs, but your interpretation seems more correct.

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