Other than perhaps the headquarters of the Democratic National Committee, there were few places as despondent on election night as the Manhattan offices of The Nation, the 146-year-old journal of fiery leftist opinion.

A group of about 15 writers, editors and interns sat around a conference table and watched the results as they drowned their sorrows in bottles of Trader Joe’s red wine. Even the friendly voices on MSNBC proved little solace as the numbers rolled in, confirming a Republican resurgence across the country.

These are difficult times at The Nation, and not just because liberals are in retreat. Lately the magazine has suffered a one-two punch. On top of political malaise, it faces the economic pressures that political journals often confront when the party in power is on their side.

In the words of Victor Navasky, a father figure at the magazine who served as its editor and publisher before retiring several years ago, what is good for the nation is bad for The Nation.