Lyric discussion by wyliekyle 

Furthered Translation:

First Verse:

The bear is obviously a newly conceived fetus. Evidence stems from the "kicking" and "we'll put an end to him." This sort of mutual decision that the couple will be getting an abortion. This can be supported by "we'll make all the right appointments no one ever has to know."

The next deals with the sort of social ramifications of being young parents. They are "scripting another show" because they are both worried about what is going on, but at the same time they have to keep composure. "Turning 21" reveals that the narrator is a young father and "drink champagne although you shouldn't be" adds further foundation that the significant other is indeed carrying a child.

Their friends are avoiding them simply out of social context and wanting to distance themselves from people who have made poor decisions.

Chorus:

The narrator becomes very duplicitous at this point. You can look at the idea of that being 21 is a responsible age to have a child, that the couple is coping out for strictly social reasons.

Second Verse:

Without being mundane, "cutting a bear from underneath" can only mean one thing. My explanation of the chorus can further be supported by the line, "we're not scared of making caves or finding food for him to eat, we're terrified of one another and terrified of what that means."

I have had a bit of a revelation that in the end the procedure never happens. The line "I'll know we're fucked and not getting unfucked soon" can be taken that to be "fucked" means to be pregnant and if they aren't getting "unfucked soon" maybe it was her quick decision that changed the plan.l

I think you're definitely right about the procedure not occurring. In an interview Silberman said, "Peter Jr. is doing pretty great. It was really splendid watching my first born son grow up as Hospice grew up and bloomed into a record. I'm glad that we decided to keep him, despite the gross physical deformity that made him appear to be a bear on all of the sonograms. He's a lovely boy."

Sounds like he kept the kid to me!

I agree with most everything wyliekyle has already posted. However I disagree with the following points:

I agree with you except I don't believe "unfucked" refers to the pregnancy. I believe they do get the procedure done. "We'll make only quick decisions and you'll keep me in the waiting room"

He is waiting in the room after the decisions have been made, and he is in the waiting room as she gets the procedure done.

Being fucked refers to their relationship. They have problems that can't be unfucked and now they're strangers.

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