In both economics and political science, conventional wisdom states that austerity policies are unpopular among voters, and that those governments which implement tax hikes and cutbacks in public spending will lose votes in the subsequent election. However, this claim has received little empirical support. This paper finds that parties which implement fiscal consolidations are punished by the voters in the following election, a result that goes against previous research, but one which is in line with conventional wisdom. The estimated effects are larger when the adjustments are visible and when there is a unified control of policymaking. There do not appear to be any electoral consequences for implementing fiscal expansions.