Desgraciado translates to "wretched" or "unfortunate," but it carries a stronger, more dramatic connotation than a simple "unlucky."
In this song, the narrator uses it to describe someone who is truly down on their luck or in a miserable state, contrasting with those who are "dichosos" (blessed). It highlights the stark difference in circumstances between people, making it a poignant and memorable word in the context of the song's theme of changing fortunes.
This song, "Al Mismo Nivel (En Vivo)" by Luis R Conriquez, tells a dramatic story of a past relationship where one person felt inferior to the other. The singer describes a time when he was "obligado en mi triste vergüenza me fui de tu lado" [forced by my sad shame, I left your side]. He felt that "el nivel que me diera la vida está muy bajo y tú voy arriba" [the level life gave me is very low and yours is high]. He tried to rise to her level, but she treated him "arrogante como una basura" [arrogantly like trash].
Now, things have changed! The singer declares, "hoy tenemos los mismos niveles" [today we have the same levels]. He's still "aquí abajo sufriendo en la vida" [here below suffering in life], but she's had a "fuerte caída" [strong fall] and has come down to his level. He even says, "a mis pobres brando llegaste a caer" [you came to fall into my poor arms]. He's a bit cheeky about it, saying he doesn't know whether to kiss her or just hold her for a moment, "al fin que ya estamos al mismo nivel" [after all, we're already at the same level]. It's a powerful song about karma and finding an unexpected kind of equality.