Salve, hic et ubique -
You threw me for a minute because your title was a bit off, but I found "The Hip Song (It Does Not Pay To Be Hip)" on the Mitchell Trio Reflecting album. It's actually a Shel Silverstein song, and you can find the lyrics right here in the Digital Tradition Folk song Database - (click).
Shel's lyrics disappeared from the Internet for a while after his death, but I see they're back - click here for lots of them.
-Joe Offer-