Kenneth G. Wilson (1923). The Columbia Guide to Standard American English. 1993.
bum (adj., n., v.)
The noun is an Americanism, meaning a hobo or vagrant, and in that use it is Standard. In compounds such as ski bum, meaning someone who spends all his or her time skiing and hanging around ski lodges, it is Conversational. As an adjective, it means incompetent, as in Shes a bum skater, or poor quality, as in We had a bum meal at that place, or damaged or injured, as in Ive got a bum shoulder; all these senses are slang. Among idioms the noun provides to get or give the bums rush, meaning to be thrown out, or to throw someone out, and to be on the bum, meaning to be wandering, living off the land; these are slang. The idioms to bum around, meaning to wander aimlessly, and to bum out, especially reflexively, as in That really bums me out, meaning That really irritates me, are also slang. In British English, the noun bum means buttocks (see BUTTOCKS).