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“We Both Go Down Together” is a song narrated by a man from the British upper class who is in a relationship with a poor peasant girl named Miranda. The song then describes the details their ruinous, and ultimately deadly, relationship. In a Reddit AMA in 2015, Colin Meloy called the song’s narrator “an asshole and a sociopath.” On the live album, We All Raise Our Voices to the Air, Meloy announces the song as about ‘a joint suicide’.