If you have recently put your hand in something disgusting, take comfort. You haven't been slimed as thoroughly as you had previously assumed. Your brain is making things worse (and longer) than they truly are.
To be fair, the brain has a tough job. Every part of you is taking in information, and that information often changes suddenly. Our eyes jump around. Our hands and bodies move quickly from one thing to another. Even our focus of attention changes suddenly. It takes time to take in these sudden changes in input and assemble them into a coherent perception. If the brain were to show us this time, these brief spaces of nothingness or absolute confusion during which our attention jumps, it would confuse us still more.
What the brain subs in is chronostasis. Our brain takes the latest input and uses it to fill in the gaps in perception while we are refocusing our attention. What results is a sense of time lag. The most famous is the hesitation of the second hand that happens when we stare at a ticking clock. It's called the Stopped Clock Illusion, and has dogged us since we had clocks with second hands. We have no time-keeping equivalent to a clock for our sense of touch, and so it took a while for people to understand that chronostasis happened when people touched an object as well as looking at it. One experiment shows that we touch things for less time than we think.