Billions of dollars are "floating" outside the largest California ports

 Clear evidence of the supply chain crisis has emerged in the United States of America, through dozens of container ships floating outside the ports of Los Angeles and Long Beach, waiting to unload their cargo.

And severe congestion at the ports "has become a major nuisance that will not go away this year, and unfortunately, it may be one of the biggest problems of 2022 as well," according to CNN Business.

Goldman Sachs estimates that there is $24 billion in merchandise outside of these two ports alone.

The bank warned customers, in a note Monday, that "the backlog and high shipping costs are likely to continue through at least the first half of next year."

The bank's economists concluded in a research report that "there is no immediate solution to the underlying imbalance between supply and demand in US ports."

This is "bad news" for the economy and for Americans, because "congestion in the supply chain raises costs, delays shipments, and reduces shoppers' choices."

Consumer prices are rising at the fastest pace in a 12-month period, since 2008. The amount of online out-of-stock products increased by 172%, compared to January 2020, according to Adobe Analytics.

Even if ships are able to dock and unload their cargo, shipping containers remain in ports for several days.

Goldman Sachs found that last September, about a third of shipping containers remained in the Los Angeles and Long Beach ports for more than five days after being unloaded from ships, compared to low rates before the Corona epidemic.

Two weeks ago, US President Joe Biden confirmed that his administration was working to solve the problems of global supply chain congestion, and said that "the Port of Los Angeles announced that it would start working around the clock," adding that "American companies have committed to increasing the number of transport trucks."

The US president added, "We are working to solve the problem of the Port of Long Beach to secure the arrival of goods," pledging to take "the necessary measures to strengthen the supply chain."

Ports suffer from stifling congestion, amid a severe shortage of digital processors, and a decline in the number of truck drivers, according to CNN.

And global agency Moody's warns that "supply chain disruptions will get worse before they get better", as commodity prices are expected to rise, amid a slowdown in the economic recovery. "The rise in costs and prices will affect the growth of the gross domestic product in the world," she said.

Goldman Sachs said the move (the ports operate 24/7) "might help" to solve the problem, but that it would also require cooperation from other ports, truck drivers, rail operators and warehouses. The biggest problem remains a shortage of workers, including truck drivers.