Beyond being president of the United States Obama is a black man. Despite how powerful he has become, there are those that seek to reduce him based on the social construction of the black man as purely a sexual being.
Though he is clearly an intelligent man, to some all he will ever be is a big black dick waiting to fulfill the sexual fantasies of others.
This goes right in line with the colloquial phrase "once you go black you never go back". The Obama dildo and phrases like the aforementioned, help to ensure that blackness is forever sexualized. It reduces black men to a sub-human level. They are not people just the stuff of fetishes.
For a mere 34.95 USD you can engage in your sexual fantasies of the big black stud. This kind of construction has its foundation in slavery. Black people were routinely bred like farm animals. As the slaves stood naked on the auction block, no thought was given to their humanity; only the ways in which they could serve.
Items like this also allow for white women to safely engage in their desire to be sexual with black males without spoiling their identity. There are many that purposefully seek out sexual relationships with bodies of colour, in order to live out some form of perceived sexual deviance. That's right daddy's pure virginal daughter should never allow herself to be fucked by a black man. Some white men seek out black women only to be able to engage in an act of pure power; wherein the can envision themselves as slave masters of old raping property.
Not all black/white relations are subject to such construction, but there is clearly a market for an item like this based on the idea blacks have little control over our sexual desires.
Barack Obama has been elected president and for at least the next four years no matter what his accomplishments may be, racists will work hard to reduce him. At the heart of the issue some whites simply cannot tolerate the idea that they are ruled by a black man. This upsets what some have come to view as the natural order.
Whiteness as the ruler of all it surveys, must rebel; and therefore must reduce Obama in order to maintain some form of hierarchy. If one is poor and disenfranchised, the only power available is based in whiteness. In the absence of hierarchy they would be forced to realize exactly how powerless they are in a world that bases value on your ability to consume. Whiteness as power is what the ruling elite offers in compensation to the poor working/underclass. As long as the masses are given someone that they can conceivably look down upon they will reject what they have more in common with the poor black person standing next to them, than the rich tycoon that daily exploits their labour power. It is far easier for poor whites to think about the big black dick, than own the fact that they are complicit in their own economic marginalization.
The very heart of creations like this is the maintenance of white superiority. If a poor man living on welfare is able to reduce even the president of the United States, he will ignore the ways in which the system that supports whiteness exploits him at every turn.
We normally view the phallus as a thing of power in our patriarchal world; however the intent of this particular phallus is not to maintain male hegemony but to demean black men by reducing them to roving penises for hire, in support of a system in which only the rich profit.