I only recently became aware of the story of the ‘sword of Damocles’ because I had heard it mentioned in several different podcasts. So I looked it up to make sure I understood the reference.  

The Greek story, from the 4th century BC, is of a man, Damocles, in King Dionysius of Sicily’s court. Speaking to the king one day, Damocles mentions that Dionysius is truly fortunate to be king. The king offers to trade places with him for a day, which Damocles accepts. Surrounded by the luxuries, Damocles is nonetheless anxious because Dionysus had hung a sword over the throne held up by a single horse’s hair. Having made many enemies during his reign, this was his reminder that while surrounded by luxury, his life was under constant threat.  

The metaphor was used in the podcasts for the fact that there are times in our lives when there is very little separating us from catastrophe. The podcasters themselves were, they felt, under a kind of constant threat from YouTube if they said the wrong thing. Of course that isn’t ‘life’ threatening, but since the podcast had reach and monetization, it was potentially livelihood threatening, which is a scary thing in itself. 

In the story, Damocles begs the king to free him from the throne because he no longer wanted to be in the position, despite the luxuries. Damocles recognizes he has all he wants and the excess is not worth the threat.
The story has several interpretations. Cicero himself claimed it was about the lack of happiness if the threat of doom is always looming. Others thought the point was that threat always looms and we should strive to be happy anyway. Others thought it was an admonition to power: don’t make enemies on the way up. Still others think the lesson is not to imagine you know what others you consider fortunate are dealing with. Their lives might look to you like luxury, but you don’t know what their lives are like until you are in their shoes.

I suppose all of those are worthwhile lessons.