In older people the skin on their cheeks can become baggy, or loose, and hangs down near their jaw line. These folds of skin are called jowls.I suually hear them called "saggy jowls", not "baggy jowls", but they have the same meaning.

Reading a book about Richard Nixon by any chance?

i think it means super loose pants. i've come across tons of guys having baggy pants. p.s to me its wayyy out of style^^

What??? Baggy draws? That means loose fitting shorts or pants. That is street slang