Lyrically, the song could be about society or NIN's fans, but Trent Reznor has stated in the interview titled Disturbed that the "pigs" in this song refer mainly to "anywhere from the media to people he thought were friends around him." Furthermore, he said, "The issue I was addressing was... when we attained a certain level of success, it was surprising to see the legion of people starting to fuck with you, can't wait to see you fail, hoping that you'll fuck up, ripping you off, trying to use you... The fact that American media, in 'underground world,' you go from being the darling to 'well, we accidentally started selling some records,' so they have to turn their backs on us." He also occasionally referred to fans as 'pigs' at live performances.