Lyric discussion by mylifesucks 

The narrator is disconnecting from himself so that the shallowness of his life and routine of every day life doesn't kill him. He still recognizes that what he's doing is meaningless, hence the word "waste." "Time Flies" is all about childhood and wondering where it went, and perhaps the narrator doesn't want to lose his child-like spirit and sense of imagination. At the same time, unless they have an abnormally strong spirit, it's impossible for one to hold onto such artifacts as an adult and still have a career. That's what this one is about.

"Waste another year" could also refer to hiding from one's problems. In this way, I think the lyrics to this song could be related to "I Drive the Hearse." "Hoping it will go away" "Living with my mistakes" "Getting through another day" etc. The narrator is wasting his life by hiding away his problem and his regrets. The lyrics to "Great Expectations" lead me to believe that there is a specific person involved. The narrator goes through year after year of constantly thinking about this, but he never acts on it or considers making amends because he's too scared to.

There is an air of regret that seems to pervade the album.

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