To me Jon's singing about the 2nd half of the BWC tour, where everything was just falling apart. His voice had gone to hell, Richie had gone AWOL, Tico needed two surgeries etc. That severly burned him out and the lyrics:

They shake my hand
Pat my back
They know my drink
Welcome back
The life of the party
Tears of a clown
Can't hear a heartbreak
The music's too loud

are a reference to him having to go back on another leg of the tour (whether it was the late US leg, Japan or Australia) and everything going to hell.
Of course that's just my personal interpretation, but that song always had more impact on me when I pictured him singing about that situation.
Either way, to me it's his best work, along with Living With The Ghost, of the last decade.