Lyric discussion by SnowNinja 

Cover art for Teenagers lyrics by My Chemical Romance

I think this song is about the cruelty that goes on between teenagers in modern society and the impact that it's under because of controlling higharchy in society, telling younger people all the things they can and can't do, because that's when they're most rebellious.

By the "what you got under your shirt" thing I think he means the way that kids have been picked on come to school strapped with a bomb and make the popular kids "pay" for all the teasing, just generally the way society nods its head at whatever the hurt the American teenagers can think to inflict upon themselves.