I think the other comment on this song is half right. I believe this song is about their shared internalized Catholic/christian guilt. The main character has managed to escape these internalized feelings, that Todd has not. He is suicidal, and the main character is trying to get him to recognize that the negative feelings are not coming from inside himself, by coming from the guilt related to religion. At the end, he says "dear ghost dear ghoul" and "we can go downtown". I believe these are in reference to Todd's negative views of self, and the ways in which escaping the small town they grew up in can allow Todd to escape the trauma.
I think the other comment on this song is half right. I believe this song is about their shared internalized Catholic/christian guilt. The main character has managed to escape these internalized feelings, that Todd has not. He is suicidal, and the main character is trying to get him to recognize that the negative feelings are not coming from inside himself, by coming from the guilt related to religion. At the end, he says "dear ghost dear ghoul" and "we can go downtown". I believe these are in reference to Todd's negative views of self, and the ways in which escaping the small town they grew up in can allow Todd to escape the trauma.