Lyric discussion by cyberbyte 

While I most certainly believe it's about a couple breaking up, I also feel it could be about a spouse/lover watching their partner suffer from some type of debilitating disease, like dementia or Alzheimer's.

"...to remember you in the entire/because I'm watching it slip away" - pretty obvious "And you were shrugging it off like a feather/Saying, "Oh, would you look at this weather?" - people with dementia/Alzheimer's sometimes lose track of the thread of a conversation or don't understand what is going on. "In a low recline/In a steep decline" - person is in a hospital bed, reclining, but their health is declining fast

Who knows, maybe there's a connection, but this comes to mind when I listen to the song frequently.

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