We test conventional wisdom that good economic conditions and expansionary fiscal policy help incumbents get reelected in a panel of 74 democracies over 1960-2003. We find no evidence that deficits help reelection in any group of countries independent of level of development, level or age of democracy, or government or electoral system. In developed countries and old democracies, deficits in election years or over the term of office reduce the probability of reelection.