Let's dance in style, let's dance for a while
Heaven can wait, we're only watching the skies
Hoping for the best but expecting the worst
Are you gonna drop the bomb or not?
Let us die young or let us live forever
We don't have the power but we never say never
Sitting in a sandpit, life is a short trip
The music's for the sad men
Can you imagine when this race is won
Turn our golden faces into the sun
Praising our leaders, we're getting in tune
The music's played by the, the mad man
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I want to be forever young
Do you really want to live forever?
Forever young
Some are like water, some are like the heat
Some are a melody and some are the beat
Sooner or later, they all will be gone
Why don't they stay young?
It's so hard to get old without a cause
I don't want to perish like a fading horse
Youth's like diamonds in the sun
And diamonds are forever
So many adventures couldn't happen today
So many songs we forgot to play
So many dreams swinging out of the blue
We'll let 'em come true
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I wanna be forever young
Do you really want to live forever? (Forever)
Heaven can wait, we're only watching the skies
Hoping for the best but expecting the worst
Are you gonna drop the bomb or not?
Let us die young or let us live forever
We don't have the power but we never say never
Sitting in a sandpit, life is a short trip
The music's for the sad men
Can you imagine when this race is won
Turn our golden faces into the sun
Praising our leaders, we're getting in tune
The music's played by the, the mad man
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I want to be forever young
Do you really want to live forever?
Forever young
Some are like water, some are like the heat
Some are a melody and some are the beat
Sooner or later, they all will be gone
Why don't they stay young?
It's so hard to get old without a cause
I don't want to perish like a fading horse
Youth's like diamonds in the sun
And diamonds are forever
So many adventures couldn't happen today
So many songs we forgot to play
So many dreams swinging out of the blue
We'll let 'em come true
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I want to be forever young
Do you really want to live forever?
Forever, and ever
Forever young
I wanna be forever young
Do you really want to live forever? (Forever)
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Essentially it is saying, we don't want to live under this shadow for our whole lives...better we be bombed so that our youth remains forever, like diamonds, than to be put down like an old racehorse.
To differ slightly from the previous poster, I think the line refers to the fact that in horseracing, when a horse who has been running at or near the front starts to run out of power and slow down, allowing the others to gain on him and usually pass him, he is described as 'fading'. So to me, this is the image of the horse, running at his utmost and still slowly faltering, watching his 'win' slip away from him as the other horses catch and then drive on past him. I find it a little heartbreaking.