I am not sure. You should ask felixsputnik 'the user who put that video'. I can make a guess. When Obama become president 'he is asked to face many tough situation due to the economic problem ' but the elf want to be in a happy shoulder 'not a shoulder having heavy burdens'.
Source(s):
http://www.youtube.com/watch?v=A_B5UrI7nAI

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If I had to figure out why it could be that Obama has made one bad decision after another from keeping all the powers written in by the prior administration to transferring troops from Iraq to Afghanistan and calling it troop reduction. And I might add "stimulus package" to that list and further support of banker bailouts... It's plain to see that things in Washington are politics as usual and the only "change" that went on was we went from a Republicrat to a Dempublican. It does not matter what side of the coin you get what really matters is the hand that flips the coin.
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The elf is not sad at all. The lyrics are misinterpreted with the video, and the elf is not saying, "Obama's Elf," yet rather is singing, "All By Myself," which is a song by Eric Carmen. Watch the video below to hear Eric Carmen's "All By Myself" song. The text in the video is misleading you to think it says, "Obama's Elf" but the elf is not really sad. He just does not want to be Obama's Elf. It's basically a joke, a hilarious musical pun that was done pretty well, because the lyrics are misheard well.

The Beatles had a song where they thought it was said, "Paul is Dead" when a song is played backwards. This is just a misheard lyric, but this is not as much a misheard lyric, yet rather a mondegreen. A mondegreen is the mishearing or misinterpretation of a phrase, typically a standardized phrase such as a line in a poem or a lyric in a song, due to near homophony, in a way that yields a new meaning to the phrase. So, it's this homophone that "Obama's Elf" where "O ba" sounds like "All By" and "Ma's Elf" sounds like "My Self" in this example. The persuasive video and words written in the video are what get us to believe, as our eyes are stronger senses than our ears sometimes, so we believe what's seen over what's heard, because what is heard sounds very close to what seen in the video, whether it's just lyrics or lyrics and a video.

Watch the videos that shows more such mondegreen examples to enjoy!

No worries, this elf is not sad!

Hope this helps, Carriep!
Source(s):
http://en.wikipedia.org/wiki/Paul_is_dead
http://en.wikipedia.org/wiki/Homophone http://en.wikipedia.org/wiki/Mondegreen

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Because the elf does not like to be Obama's elf any longer.
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I LOVE mondegreens! They're among my family's favorite ways to waste time.

I think the elf is so sad because he's two-dimensional, and he doesn't have room to spread out and grow a little. Plus he's stressed from having to worry about whether he's going to fall off his perch. He can never relax, because the shoulder he's on is constantly in motion, so he has to hang on hard. His hands are probably cramping. Given those living conditions, I wouldn't want to be Obama's elf, either.

But that gets me wondering: does Obama have something on his other shoulder? Why isn't IT unhappy? Or maybe it hasn't discovered Youtube yet.
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I think the elf is so sad because Obama is way too busy for him now. I made this conclusion based on the way the elf said "anymore" at the end. This implies that at one point, he enjoyed being Obama's elf. I think it's safe to assume that with the new presidency, Obama just doesn't have the time for his elf that he once did. This has made the elf feel lonely, and with loneliness comes sadness.

Poor elf. =(
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Maybe he's sad 'cause Obama's cigarette smoke gets in his eyes and makes him cry.
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Because he just saw ELF and realized he could not be nearly as cool as Buddy the Elf
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