President Obama is TIME's Person of the Year

From the managing editor, Rick Stengel:

He was a citizen by choice, not birth — he had decided to come here. Such a thing had never existed before. In many ways, Barack Obama is the 21st century version of this new American. But he’s more than just a political figure; he’s a cultural one. He is the first President to embrace gay marriage and to offer work permits to many young undocumented immigrants. There has been much talk of the coalition of the ascendant — young people, minorities, Hispanics, college-educated women — and in winning re-election, Obama showed that these fast-growing groups are not only the future but also the present. About 40% of millennials — the largest generational cohort in U.S. history, bigger even than the baby boomers — are nonwhite. If his win in 2008 was extraordinary, then 2012 is confirmation that demographic change is here to stay.