After a short tour across the US at the end of the year, they recorded their next album at studios in Michigan and Illinois with them producing the sessions alongside Mark Michalik.

Ups and Downsizing received generally favourable reviews from music critics, many of whom praised the album's musicianship and songwriting quality.

[4] In March 2008, guitarist Garrett Burgett announced his departure from the band, though stayed for another two months; when bassist Lance Nelson heard about this, he left immediately.

[9] Musically, the sound of Ups and Downsizing has been described as melodicore and punk rock, drawing comparison to the work of Alkaline Trio, No Use for a Name circa More Betterness!

[12][13][14] Discussing the album, Nick Diener said it meshed together "all of our influences that we've wanted to put into our music", going on to single out writing in different time signatures or adding an acoustic song.

[15] Jonathan Diener said they wanted to include more of their influences such as Jimmy Eat World, Nada Surf, Saves the Day and Weezer, while at the same time listening to other acts like Oceansize.

[17] Jonathan Diener said the band had begun writing material for Ups and Downsizing as soon as My Everest was released as they had leftover ideas from that album.

Discussing the title, Jonathan Diener explained that he and his brother had lived in Fenton, Michigan for around eight years, where they noticed that "everyone's parents work for [General Motors], and most of them have gotten laid off at some point".

[25] Nick Diener said they had been talking to the label for several months; they found out that the staff members were fans of 1990s punk rock bands such as the Get Up Kids and Hot Water Music.

[34][35] To promote Ups and Downsizing, the band supported labelmates Paramore on their headlining US tour, which ran through October 2009, and appeared at The Fest.

[36][37] Jonathan Diener said Paramore's vocalist Hayley Williams had been a strong supporter of the Swellers, prior them joining Fueled by Ramen.

Nassiff found it to be "certainly their most accessible record yet", praising Nick Diener's vocals, with melodies that were "more prominent" than the band's past work.

[18] Brendan Manley of Alternative Press said the album was "pure energy personified"; he added that it was a "rock-solid collection of songs that's perfectly at home with the [Four Year Strong and Set Your Goals] crowd, but still unique and memorable".

[17] Punknews.org writer Bryne Yancey said that the band's "technical proficiency is still here," though subdued and "more subtly solid than it ever has been, which makes these songs sound far more timeless than anything in their back catalogue".

[12] Andy Ritchie of Rock Sound wrote that it was a "pedal-to-the-metal, full throttle collection of power-chord anthems with a lyrical hook round every corner".

[49] Soundthesirens founder Billy Ho said it was surprising that in "in a scene on the verge of colla/pse under the weight of shittyness [...] a band like the Swellers could sound so damn good".