Today I am pledging to cut the deficit we inherited in half by the end of my first term in office.

As I got older, then my particular ambitions started cohering around creating a world in which people of different races or backgrounds or faiths can recognize each other's humanity, or creating a world in which every kid, regardless of their background, can strive and achieve and fulfill their potential.

You got into these small towns in Pennsylvania and, like a lot of small towns in the Midwest, the jobs have been gone now for 25 years and nothing's replaced them. And they fell through the Clinton Administration, and the Bush Administration, and each successive administration has said that somehow these communities are gonna regenerate and they have not. And it's not surprising then they get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations.

Our journey is not complete until we find a better way to welcome the striving, hopeful immigrants who still see America as a land of opportunity, until bright young students and engineers are enlisted in our workforce rather than expelled from our country.

Affirmative action is not going to be the long-term solution to the problems of race in America, because, frankly, if you've got 50 percent of African-American or Latino kids dropping out of high school, it doesn't really matter what you do in terms of affirmative action. Those kids aren't going to college.

None of this is fair to you. And should it continue, it will make it more difficult to keep attracting the kind of driven, patriotic, idealist Americans to public service that our citizens deserved and that our system of self-government demands.

My parents shared not only an improbable love, they shared an abiding faith in the possibilities of this nation. They would give me an African name, Barack, or blessed, believing that in a tolerant America your name is no barrier to success.