lyrics are about the frivolous, fleeting, disposable, fickle, youthful nature of modern popularity/fame (the fifteen minute variety...). How much of it is totally fabricated and all for show.

Lyrics

Beneath the prying eyes, waiting for the show 
Jennifer is always sure to let the world know 
She's got rhythm to spare, seems to have a flare 
For taking teenage breath away and making old men stare 
Lady Libertine is making the scene 
Sealing a deal where nothing is real 
And learning how to crawl, the happy living doll 
An actress in the nude will take her cue 

Paper Mache for the easy life 
Paper Mache to the camera eye 
Paper Mache, it's so long friends 
Leaving home for the circus tent 
Paper Mache in the house of style 
Winning the game for a little while 

Now Angel's lost horizon is hardly making sense 
Found her dream in a magazine and lost her innocence 
Now she fumbles through the day, another growing pain, 
The idle matinee in a fashion throwaway 
She caught the falling star on Sunset Blvd. 
A promise in hand ain't worth a damn 

It's Paper Mache for the chosen ones 
Wearing it well 'til reality comes 
Paper Mache on a gossamer wing 
Shiny and new with a familiar ring 
Paper Mache for the inner child 
Selling it's youth for a little while