Basically having an IQ less than average; being Republican, while not being rich (aka cents, money) and not paying much taxes or any due to being poor; a middle class individual who happens to side with Republicans (aka: lack of sense, abstractly inferred by "cents")
That man in the bar, drinking beer and who is rambling about politics is two cents short of a buck.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.