Favorite Son song meaning

Obviously, the song is about George W. Bush - blessed with his father's name, "dubya" won his first election partially because people thought "His father was okay, maybe he'll cope too". But the "favorite son" turned out to be a disappointment - "he's not the all-American that you thought you paid". He's a star, smiling on the silver screen and saying speeches, but what he's doing with his power is frightening. He's the "favorite son", but "isn't it a drag?"

One of the reasons why the song doesn't appear on the American Idiot album is that it was included into the second volume of the Rock Against Bush series (2004).