The picture is a satire of so-called Grub-street authors, literary hacks trying to scrape a living without patronage. The poet sits by the window, trying to write while surrounded by the trappings of domesticity: his child in bed crying, a milkmaid berating the family over an unpaid bill, a dog stealing a piece of meat off of the table, and his wife mending the trousers of his only suit.
The satire in the print is that the poet in this case is not to be pitied but ridiculed, as his distressed state is brought on by his own lack of attention to his duties. The idea is echoed in, or perhaps inspired by, Alexander Pope's Dunciad, which attacked poor and unsuccessful hacks. More information on the print can be found in Paulson, Hogarth's Graphic Works, pages 101-103.
A great print for frequent viewing and a superb piece of graphic art.