So Betsy is an artificially intelligent machine built to eliminate disease from prostitution and provide sexual services for a cheaper price (which is the irony in this song because it would cost at least a solid ton of cash to build her, describing how we want to work less and less for even the most ingenious of "blessings"). Overall, the song is a musing on how technology is further breaking an already broken society, symbolized by Jeff's arm, and that it is even corrupting those furthest from it (Derbyshire) as we increasingly become more dependent on it for our most essential and basic needs (masturbation). As depressing as all of this is, the final stanza is a beacon of hope, listing the most human of vices and pointing out that they are still alive in our world, implying that all we need to do is take part and pleasure in them to save ourselves. Very deep lyrics. I'm looking forward to hearing them transformed into music.