This song criticizes the excess of the wealthy. It would foreshadow how the 1980s progressed, becoming known as "The 'Me' Decade" or "The Decade of Greed."
This is the best known song off of It's Hard, the second album The Who released after the death of Keith Moon. Even though the album went to #11 on the charts in the UK and #8 in the US, it was poorly received by the critics. Roger Daltrey claimed he "hated" It's Hard and considered this the only song worthy of release.