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A fancy way of saying you're talking about Obama like he's still in charge, even though he's been out of office for years and probably forgot how to be president
'That speech was an Obamallusion! He's been out of office for like five years!'
'She kept calling him President Obama in the DMs. Obamallusion, baby.'
'He still thinks he can do the 'Hope' thing. Classic Obamallusion.'