When your boss is a lazy piece of crapola and hasn’t done anything but bus tables and scrub walls with little to no success. Literally someone who is useless in a restaurant who sits in his chair for 40 hours a week and thinks he’s better than everyone else.
Peeping Timgotfired after a year because he got paid 100k a year to sit in a chair.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).