Lyric discussion by calcaylor 

Here are a couple of excerpts from the wikipedia.com article on this song:

The lyrics can be interpreted as describing a man experiencing a midlife crisis[1] ("Where's my wife and family? What if I die here? Who'll be my role model?").

The names in the song came from an incident at a party that Simon went to with his then-wife Peggy Harper. The host of the party mistakenly called Paul "Al", and Peggy "Betty", inspiring Simon to write a song

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