President's Former Economic Advisor Addresses Silicon Valley Conference

SANTA CLARA (KCBS)- A UC Berkeley professor who headed President Obama's economic advisory team said it's essential that we speed up the recovery process.

In an address made in Silicon Valley, Former White House Council of Economic Advisers Chairwoman Christina Romer said while she's optimistic about the future, we're not out of the woods yet.

Romer was the keynote speaker at a joint venture Silicon Valley Network's 2011 State of the Valley Conference.

"Employment is finally rising and commercial vacancy rates are finally stabilizing, but the unemployment rate in San Mateo and Santa Clara Counties is still 9.8 percent," said Romer.

She went on to point out that's exactly 5.8 percentage points higher than it was when the recession began in December of 2007.

KCBS' Mike Colgan Reports:

Romer insisted that the real problem is the long-term deficit which is expected to rise rapidly over the next 25 years.

"By 2035, the Congressional Budget Office estimates that it will be 17 percent of GDP and on its way to even higher numbers, she said, continuing to explain the figures aren't the result of a "temporary crisis".

"They are a slow-moving train wreck that everyone can see coming in advance," she said.

The former chairwoman also stressed the importance of leveling the education playing field so all children have equal access.

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