Originally Posted by skaltezon

In this context 'faggot' doesn't mean 'homosexual'. To the sweat-laborer characters singing the song,
it means a prettyboy rock star who seems to get everything the easy way.

In another context, Urban Dictionary says, 'In these times not used if somebody is really a homosexual,
but rather someone who is stupid or a loser'. Urban Dictionary, February 22: carthritis