the opening track, "times is hard", features "bleak" lyrics about "nihilism [being] used as a tool to remedy social ills" sung to upbeat melodies. wainwright wrote the song following the inauguration of barack obama. "house" is about economics and relationships, and tells the story of a couple wanting to divorce but staying together because they cannot sell their house. in the liner notes, wainwright admitted that at the time the album was released he "remained relatively unscathed by the new depression" but owned a house in southern california that he was unable to sell. "on to victory, mr. roosevelt" and "the panic is on" were both originally written during the great depression. circa 1933, texas politician w. lee o'daniel wrote and recorded the former. medicine show performer hezekiah jenkins originally wrote and recorded "the panic is on".