Does politics impact happiness? This paper evaluates how being a political “winner” or “loser” – whether one’s preferred party controls government or not – is linked to multiple measures of life satisfaction. Using Gallup survey data on self-reported well-being for Democrats and for Republicans within the U.S. states for 2008–2016 (a time period when party control of government changed in several states) and a difference-in-difference model with two-way fixed effects, I find consistent evidence that citizens report lower levels of well-being when the opposing party controls state government. The substantive effect is particularly large for Democrats living in Republican controlled states. Conversely, there is little evidence that citizens’ well-being is boosted when their own party controls state government. These findings have important implications for our understanding about how partisan competition and election outcomes can impact subjective well-being and further highlight the significance of negative partisanship for American public opinion.