Lyric discussion by francescoy 

Cover art for Walking The Cow lyrics by Daniel Johnston

I think this song is about disillusionment.

It's about a man whose day-to-day life consists of monotonous and burdensome tasks (i.e. walking a cow). He no longer can recall what his aspirations were and how it was that he came to where he currently is. It is implied he can't remember because it is too painful to remember ("but my feelings get old for sure," as it is sung in certain versions.)

While mulling over his own fate, he thinks about someone who still has his/her aspirations or ideals intact. Someone with "lucky stars in [their] eyes".

This serves as contrast between what he once was and what he currently is.

The subject of the song also seems to have made some peace or is at least resigned to his fate. He is not capable of laying any blame or worrying over his destiny.

Song Meaning