Lyric discussion by muteoff 

I agree it seems like social commentary.

The guy he's talking about gets all his ideas from the newsmedia, reciting their positions but not realizing that he's not ultimately in control of anything. He also spends frivolously through hard economic times like there's no tomorrow until... "more bowls and more cups and the riot for the last hot meal erupts."

("Now I'm no mad man, but that's insanity," indeed.)

The refrain seems like a reflection on the letdowns of his life. "Drowning butterflies," beautiful things (hopes and dreams) destroyed. Palette turns to monochrome, bright future looking bleak.

The second verse seems to elaborate how this guy is just a shill for the powers that be. "And the half-hearted hologram, posed for the party..." He's got his eye on authority and he's not down for freedom. He's an "angry young mannequin" and a "foam-injected Axl Rose" a propped-up, empty figure of feigned outrage, but in reality just a shill.

(Sarcastically, he's also "American apparently" when his actions aren't the least bit American in principle)

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