This song was written by Roger Waters for Marianne Faithfull. Waters is best known as a founding member of Pink Floyd, though he left the group in 1985.
Did you notice the phrase 'Callooh! Callay!', an exclamation of joy, that features in the chorus? It is a quote from Lewis Carroll's 1871 nonsense poem Jabberwocky, which was included in the English author's 1871 sequel to Alice's Adventures in Wonderland, Through the Looking-Glass, and What Alice Found There. Faithfull recorded a track titled "Jabberwoc" for her debut Come My Way album in 1965.
The song features singer-songwriter Ed Harcourt and Portishead's Adrian Utley on bass and guitars.
Fall Out Boy's "The Kids Aren't Alright" song title is not a reference to The Offspring's 1998 single of the same name. It actually alludes to The Who's 1979 rockumentary film called The Kids Are Alright.