Lyric discussion by illini14 

I think that the band has gone through a lot but it were these troubles which inspired many of their great hits. The "troubled thoughts" and the troubled self-esteem served as the material for their songs that are sung at the end (Sugar, We're Goin' Down, Dance, Dance, Thks Fr Th Mmrs, etc.) So when Patrick sings "what a catch," I think he means a Catch-22. No one obviously wants to go through troubles, but if it weren't for the troubles, there wouldn't be any songs, any hits, there wouldn't be Fall Out Boy, so it's really a catch-22.

And i think that many people can relate, at least i can. you go through the troubles and the troughs in your life so that when you accomplish something, it feels amazing and gratifying. we make mistakes so we can succeed later. these are all catch-22s in that you can't have success without the troubles and heartbreaks that go with it. although i think fall out boy is being really introspective with this song, i think the theme is especially universal

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