Steven Tyler wrote this about how frustrated he was with the band. They were doing a lot of drugs at the time and tensions often ran high, especially between Tyler and guitarist Joe Perry. The song is also a statement about doing your own thing without letting others bring you down.
Tyler attributes the first lines, "Talk about things that nobody cares, wearing out things things that nobody wears," to Joe Perry's girlfriend Elissa because of the incredible amount of tension between them. A lot of this tension was caused by their drug use, and in particular one night when Tyler came to Perry's hotel room looking for heroin, and he and Elissa sent him away, refusing to share their drugs. In the Aerosmith autobiography Walk This Way, Tyler says these lines were his "angry side talking, and adds that when he wrote the lyrics, "Can't say baby where I'll be in a year," he was thinking, "but it will be at least 1000 miles away from you!"