The exact history behind this song is unknown, but it is unlikely that it was written due to a friend of the band's suicide, as the song takes a very lighthearted approach to a serious topic.
This song was featured in a movie called Teenage Suicide: Don't Try It! and does seem to be a bit of an anti-suicide number. The band points out that suicide is egocentric and a waste of time, because, "Nobody gives a damn." The exact meaning of those lyrics are debatable because it makes it seem like "Nobody gives a damn that you're trying to kill yourself."
Suggestion credit: James - Vancouver, Canada, for above 2
The song was never performed much by the band, but became the B-side to the "Another One Bites The Dust" USA/Japan single in 1980.