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Here we have a Christmas Eve in the Nebb household, with Junior falling asleep and dreaming of Santa's visit. Santa seems like an old grouch in it, though I'd imagine Junior is merely projecting his own fears of inadequacy onto him, and that Santa wouldn't be that way in real life. Junior clearly believes he's been bad and doesn't deserve toys, and is afraid that even though he sneaks out of bed to see Santa, the experience may not turn out the way he'd hoped. Thankfully, though, he believes his father will stick up for him despite his failings. It's interesting that Junior thinks so highly of his father that he turns out to be a better presence in his dream than even Santa Claus.
Who knew a silly Christmas comic strip could be so deep?