Lyric discussion by Paul364486 

It's about a pair of young people that don't realise that they are about to fall into exactly the same trap that their parents fell into - getting pregnant young. They think they are young and clever, but they are no younger and cleverer than all those resigned, beaten down adults were when they too were young.

Pretty soon it will be "I'm pregnant, Dexie. What are we going to do?" A hasty marriage, Eileen will lose her shape and sparkle, and he will be working 'down mill for tuppence a month for the rest of his life, just like his sad old dad.

(Compare to my comments on Bohemian Like You - another song that uses a similar irony).

@Paul364486 Because the young have ALWAYS believed that they are smarter than the previous generation

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