The last thing you want to do is raise taxes in the middle of the recession because that would just suck up and take more demand out of the economy and put businesses in a further hole.

I think we've set the bar with respect to the notion that it is possible to provide health care for people. Now I know that the incoming Congress and administration talks about repealing it. But we've set a bar that shows that this can be done. And that core principle is one that the majority of Americans, including supporters of Donald Trump believe in.

I know that the politics around trade can be very difficult - especially in an election year.

I don't regret the excitement, because I do think that it helped us accomplish as much as we did.

If we can’t puncture some of the mythology around austerity, politics or tax cuts or the mythology that’s been built up around the Reagan revolution, where somehow people genuinely think that he slashed government and slashed the deficit and that the recovery was because of all these massive tax cuts, as opposed to a shift in interest-rate policy - if we can’t describe that effectively, then we’re doomed to keep on making more and more mistakes.

The sort of seeing cruelty and callousness of that sort from young people is heartbreaking.

For now, whether you are young or whether you're young at heart, I do have one final ask of you as your president, the same thing I asked when you took a chance on me eight years ago. I am asking you to believe not in my ability to bring about change, but in yours.