Lyric discussion by rkpetersen 

As mentioned, this song is about a teenage couple that managed to stay together, against the odds. The oldsters who observe this, having expected it to fall apart quickly, are surprised and say "huh, that's life, you never can tell".

This song probably had personal meaning to Chuck Berry. In 1959, he was arrested and imprisoned on trumped up charges of violating the "Mann Act", related to a sexual relationship he allegedly had with an underage girl. This song was written while Berry was in prison.

And no, this song is not about a young couple who have died, as one comment would have it. The use of past tense in the song is just the perspective chosen by the songwriter, nothing more.

@rkpetersen Finally! Someone understands what the song is actually about! Taking the year it was written into account, the song has a lot more to do with the new generation and the burgeoning counterculture than anything else. They did not die. MANY songs are written in past tense!

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