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"Wasting Away" captures the torment of a one-sided love affair where emotional investment meets indifference. The opening verse sets the scene of inner conflict, portraying a lover paralyzed by indecision over a relationship that takes more than it gives—stealing time and leaving the heart neglected. The pre-chorus introduces the painful realization of being consumed by a love that is unreciprocated, with the realization that "I’m wasting away for you," highlighting the slow erosion of spirit that comes with loving someone who sees you as an option rather than a priority.

As the song progresses to the chorus, there's a stark, raw desire for clarity—even if that means facing the harsh truth of rejection. The singer expresses a preference for outright hostility over the current state of limbo, suggesting that any definitive emotion, even negative, would be better than the current neglect. The repeated line, "I’d rather you hate me and slate me for everything," reveals a deep yearning for acknowledgement, to feel something from the other person, even if it leads to the relationship's end. The chorus crescendos with the realization that perhaps the best course of action for such a futile love is to let it sink, echoed in the woeful retreat to the "Woah…(La la la’s)," which conveys a sense of resignation and the melancholic acceptance of a love that is fading away.