To sum up what everybody's said, I think this song is about a poor, down-and-out couple living in a ramshackle studio apartment in the big city (possibly New York City). It's being told from the wife's point of view (assuming they're married - they may not be). Her husband's a failed punk rocker with a serious drug addiction, so they have almost no money. Neither of them is well educated. The husband went so far as to sacrifice their child so that they could survive. And so, finally, the wife decides it's time for them to split up (with the baby sacrifice being the final straw). It's like an ode to stereotypical white trash, if you will.
To sum up what everybody's said, I think this song is about a poor, down-and-out couple living in a ramshackle studio apartment in the big city (possibly New York City). It's being told from the wife's point of view (assuming they're married - they may not be). Her husband's a failed punk rocker with a serious drug addiction, so they have almost no money. Neither of them is well educated. The husband went so far as to sacrifice their child so that they could survive. And so, finally, the wife decides it's time for them to split up (with the baby sacrifice being the final straw). It's like an ode to stereotypical white trash, if you will.