I will change the third verse altogether:
we protested 'gainst a culture of conspicious consumption
bein' able to live just on grass based on a large assumption
we had our time of love and peace, but soon we had to function
Besides coming quite close to the truth it bears an implicit reference to the 'posh cars' of the chorus: 'we did not think of fam'lies, pott-bellies, or posh cars'. I even could keep 'love and peace' in it.
Before coming up with the new lines I had collected a few ideas and noted down some phrases:
conspicious consumption
assumption (looked up in a rhyming dictionary)
pressures of the materialistic society
pot, grass (well, you know ..)
protest against
to take to the streets (to protest)
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