The song is about an abortion that the character has perpetrated in her youth.

"If it weren't for your maturity none of this would have happened
If you weren't so wise beyond your years I would've been able to control myself
If it weren't for my attention you wouldn't have been successful and
If it weren't for me you would never have amounted to very much "
He talks her into unsafe sex and she, in love with his wise mood, lets it happen. Or it's starts after she's pregnant and he talks her into a termination,

"Ooh this could be messy
But you don't seem to mind
Ooh don't go telling everybody
And overlook this supposed crime "
She talks about the consequences of their acts. She got pregnant and terminated her pregnancy (supposed crime) and nobody can hear about that.

"We'll fast forward to a few years later
And no one knows except the both of us
And I have honored your request for silence
And you've washed your hands clean of this"
The problem is solved for him, but it's still a burden for her "a few years later". Nobody knows and she feels guilty.

"You're essentially an employee and I like you having to depend on me
You're kind of my protégé and one day you'll say you learned all you know from me
I know you depend on me like a young thing would to a guardian
I know you sexualize me like a young thing would and I think I like it"
She still loves him and supports him, 'cause he's unable to do it by himself. The reference about the "young thing" may also be about the unborn child.

"what part of our history's reinvented and under rug swept?
what part of your memory is selective and tends to forget?
what with this distance it seems so obvious?"
He erased the event from his memory and they had to reinvent the history and sweep the ugly part under the rug.

"Just make sure you don't tell on me especially to members of your family
We best keep this to ourselves and not tell any members of our inner posse
I wish I could tell the world because you're such a pretty thing when you're done up properly
I might want to marry you one day if you watch that weight and keep your firm body"
His family, probably religious, can't be told about the abortion, just like their friends. She wishes they had the baby and it would have been beautiful.

ncG1vNJzZmivp6x7rcXRopqipqSav7G%2BxK2YraGfo8Bvr86mZpqkkaO2tHnMqKmiq6OawbWxjqGYp5yjYrCtscCn