Lyric discussion by Ethan_M 

The first two verses are a story.

Johnny's in the basement mixing up the medicine - Johnny's brewing booze. This is probably during the prohibition, but it also parallels cooking LSD or acid in the basement in later generations. It's same as it ever was, so the images here are transcendent of ongoing societal phenomena.

I'm on the pavement thinking about the government - Literal, but also just painting a picture of Dylan trying to make sense of things.

the man in the trench coat, badge out, laid off, says he's got a bad cough, wants to get it paid off. - He wants some cough medicine, aka he's looking for some booze.

Look out kid, it's something you did, God knows when, but you're doing it again. - The kid is presumed guilty. Even if he hasn't done anything wrong before, he's doing it "again", and he's destined to do it again because society assumes he's the kind who would do it. Amazing line.

You better duck down the alley way, looking for a new friend, - Run away from the cops, try again.

the man in the coon-skip cap in the big pen wants eleven dollar bills, you only got ten. - The man in the coon-skin cap is a bounty hunter, or a cop, the big pen is jail, to get out he wants eleven dollar bills, just one more than you've got, and that's the way it's always going to be: why not ten bills? Because it's better to torture you with not making it by just THAT much.

So so far we've had an image of the lower class: brewing booze in the basement, assumed criminals who are destined to end up in jail, and the people with the keys set bail a dollar higher than you could pay. It's just a basic critique of society.

Maggie comes fleet foot, face full of black soot, - Black soot could be some sort of drug, but basically this is just a metaphor that Maggie's running into the apartment, the underground, in quite a haste.

talking that the heat put, plants in the bed but the phone's tapped anyway, Maggie says that many say they must bust in early May, orders from the DA. - Maggie warns everyone that "the heat" (the cops, the fbi, cia, whatever) put mics in their house. But her warnings don't matter, because the phone is tapped anyways. She says word on the street is that they'll be a drug bust in early may, ordered by the District Attorney's office.

Look out kid, don't matter what you did. Walk on your tiptoes, don't try 'No Doz.' - Be careful, don't get caught, NoDoz is a caffeine pill.

Better stay away from those that carry around a fire hose, - Watch out for the riot police.

keep a clean nose, watch the plain clothes, - The "plain clothes" are undercover cops. "Keeping a clean nose" is not looking suspicious.

you don't need a weather man to know which way the wind blows. - The Weathermen (Chicago terrorists) took their name from this line. "The way wind blows" is what's going on, what's coming down, what's happening on the street. You don't need a weatherman to figure it out, it's just street smarts.

The next to verses are starkly contrasted one with the other:

Get sick, get well, hang around an ink well. Ring bell, hard to tell if anything is going to sell, try hard, get barred, get back, write Braille, get jailed, jump bail, join the army if you failed. Look out kid, you're gonna get hit, but users, cheaters, six-time losers hang around the theaters. Girl by the whirlpool looking for a new fool, don't follow leaders, watch the parking meters.

That verse is about someone living in the underground. Using drugs, getting arrested, going in and out of jail, out with the whores and the drug dealers, just getting by.

The next verse is meant to contrast the preceding verse:

Ah get born, keep warm, short pants, romance, learn to dance, get dressed, get blessed, try to be a success, please her, please him, buy gifts, don't steal, don't lift, twenty years of schooling and they put you on the day shift. Look out kid, they keep it all hid. Better jump down a manhole, light yourself a candle. Don't wear sandals, try to avoid the scandals. Don't wanna be a bum, you better chew gum. The pump don't work cause the vandals took the handles.

Basically this verse just shows that trying to live successfully, clean, is really no different. It's just as crazy and back-and-forth and pointless and full of despair.

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