It parodies the whole concept of the modern Renaissance and the religious absurdities, dichotomies, and pseudo-scientific bable that have inundated the modern outlook. A basic song at the musical level, it's still one of my favorites. One listen to Ping Pong Over the Abyss is usually enough to understand why the album was named for it. You can mosh, head-bang, or just dance. You won't keep still.
Time is Slipping Away is almost as good.
It has a great rock-western style intro before settling into a solid new wave sound. Mike is again dealing with questions of destiny and destination. There are elements of both Springsteen and Stonehill in this one. It reduces the reality of our existence down to bare essentials. Sad is thinner musically, with a more prominent synth.