Lyric discussion by extinctpart 

I think this is about sexuality. Judy's a "straight" girl who lost her edge from when she was a teenager. "She gave herself to books and learning / She gave herself to being number one" explains this transition IMO.

When she was "a teenage rebel", she "did it with a boy" probably trying to conform to heterosexual dogma, but then the fact that she dreams about the girl in the book and that's the only time that she "feels good" makes me think that she actually likes girls and is only happy when she fantasizes with one even platonically. The frustration and disillusion from her failure at being "normal" would be the reason why she transitions into a "normal" and "straight" life.

Then in the "let's go for a walk" part, Stuart says that they can kiss or have sex if she wants but she will be frustrated, because she would prefer to do it with a girl.

Then the last part would be about Judy feeling lost in her "straight" life, busy from "morning to night" and the "parrot on her shoulder" representing the things that she says to put up a "straight" image of herself. Admittedly I'm still confused about the "star upon your shoulder" part, it doesn't really fit into this interpretation because the star seems to be a guide, which doesn't make sense assuming that she feels lost.

The dream of horses would represent a fantasy in which she comes out and is free from the restraints of the heteronormative culture that she is surrounded by.

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