Always seemed to me like an affair that was kept secret. The singer seems to look at it dubiously or sarcastically ("oh, this is so much better.." -- "we'll pretend that this is so much better"). While the girl seems to keep it ongoing, he doesn't necessarily resist it (I'm/We're so utterly confused). It's like he's admitting that their affair is shallow and meaningless (lying in this bed of shame) and therefore, even more unethical they he had previously thought (please stop us, i confess I'm a Liar).
Always seemed to me like an affair that was kept secret. The singer seems to look at it dubiously or sarcastically ("oh, this is so much better.." -- "we'll pretend that this is so much better"). While the girl seems to keep it ongoing, he doesn't necessarily resist it (I'm/We're so utterly confused). It's like he's admitting that their affair is shallow and meaningless (lying in this bed of shame) and therefore, even more unethical they he had previously thought (please stop us, i confess I'm a Liar).