I saw this song performed on some variety show (maybe this very one) but I forgot about it for many years, til hearing a Ringo Starr greatest hits tape (which contains a lot of cool songs). of course, Ringo was still saying "yes yes yes" for several more years, but he seems to be pretty clean now. I sure had no idea what the song was about at the time.
it's a fun song, and pretty true. also fun is Tom and Dick Smothers singing backup, and the end of the song with the audience participation. gotta love those 70s threads (not). Ringo looks good though. he always struck me as the fun Beatle.