Fortune USA 201902

1982

1984

1986

1987

2018

1981

1984

2018

1982

1983

1990

1995

1977

1977

1976

1979

1977

2013

1978

1995

2018

REAGAN

REAGAN

REAGAN

REAGAN

TRUMP

REAGAN

REAGAN

TRUMP

REAGAN

REAGAN

H.W. BUSH

CLINTON

CARTER

CARTER

FORD

CARTER

CARTER

OBAMA

CARTER

CLINTON

TRUMP

Labor, health, education, and welfare

Abortion funding

Abortion funding

Abortion funding

Nuclear-powered aircraft carrier project, abortion funding

Raises for public servants, abortion funding

Spending bill that didn’t include White House–requested cuts

Failure to pass spending bill on time

Missile programs, public works spending

Foreign aid, defense, and education spending

Crime fighting, water projects, and civil rights

Crime fighting, water projects, and civil rights

Railway privatization, welfare funding

Nicaraguan “Contra” funding

Deficit-reduction plan

Medicare premiums, deregulation

Balanced-budget requirements

Defunding Obamacare

DACA immigrants

Budget caps

01 23456

13 12 11 10 9 8 7

14 15 16 17 18 19 20

25 24 23 22 21

LENGTH OF GOVERNMENT FUNDING GAPS (DAYS)

REPUBLICAN PRESIDENT DEMOCRATIC PRESIDENT

Border wall

SH

OR

TE

R

LO

NG

ER

28 27 26

LAST BYTE

104

FORTUNE.COM// FEB.1 .19

FROM A 30,000-FOOTVANTAGE, a government shutdown doesn’t cost

much. S&P Global estimates that the border-wall impasse—the longest

in history, unresolved at press time—shaved only $3.6 billion off the U.S.

economy over its first three weeks. But other barometers, including ris-

ing airport delays and a screeching halt in IPOs, remind us how much our

commerce depends on a well-functioning state. And a recent tumble in

consumer confidence points to the ripple effects of an erosion of faith

in a system that routinely stops public servants from serving the public.

That’s a cost that could become incalculably high.—MATT HEIMER

CLOSING

COSTS

GRAPHIC BYNICOLAS RAPP

SOURCES:CONGRESSIONAL RESEARCH SERVICE; NEWS REPORTS

NOTE: DATESSHOWN HEREARE THE CALENDAR YEARINWHICHEACH SHUTDOWN STARTED.