StephenPHatton

I've always felt this song is an evocation of the late 60's, with special reference to a call for "peace." The changing of the guard here is not a literal reference (such as a palace guard being replaced during a shift change). It's referring to a generation becoming older, and the younger generation having a different viewpoint, and wanting to be heard; and more importantly...being taken seriously.

I've heard that this song is essentially describing a draftee for the Vietnam War. It makes perfect sense if you view it that way. Someone who is a conscientious objector would "decline to walk the line" (the lineup of other draftees being given physicals), and be described as "lazy." The woman (presumably a nurse) would ask the man to keep his opinions to himself, and just do his civic duty. "Fire in the hole" from the chorus is a term used most frequently with explosives / armaments. "With a cough" - another term used when given a physical (if you are male.) "Yellow stripe" - he is now owning up to being scared, and basically just wants to bolt for the door - "love to run out now, there's nowhere left to turn."