To me it's a mondegreen. Sure, an intentional one, with the visual representation probably necessary for full effect, but a mondegreen nonetheless.
However, I then wikipedia'd pun, only to find a number of definitions and examples which suggest otherwise. So ... [my 2c] To label something a pun, the key word or phrase should have two meanings, one of which is contextually appropriate and the other humerous / insightful. [/my 2c]
Some people like poking themselves in the eye with a sharp stick. If there were some context to hang the phrase "Obama's elf" on I might consider it a pun. Failing that I think it's just a mondegreen.
I agree with the commenters who think it's a forced whatever-it-is.
Like Faldage says, as a pun, it doesn't have much of a leg to stand on unless Obama puts Orlando Bloom (or some other elf) on his staff (Bush did have a Brownie as FEMA director).
As a mondegreen, you sort of need to mis-hear most of the song, unlike, for example, Purple Haze (kiss the sky/kiss this guy) which isn't about the sky. It's not a requirement but it would help. Like: Things just don't seem the same, acting funny, kiss this guy. vs. Never needed anyone, living alone, nobody's home, Obama's elf.
As a mondegreen, you sort of need to mis-hear most of the song, unlike, for example, Purple Haze (kiss the sky/kiss this guy) which isn't about the sky.
I never heard that requirement. The term comes from the line "And they laid him on the green" misheard as "And the Lady Mondegreen."
In a related story, I've heard it claimed that Creedence Clearwater Revival would sometimes sing "There's a bathroom on the right" when doing Bad Moon Rising in concert.
It's easier to believe the mis-hearing is actual rather than contrived if the mis-heard term isn't hinted at, paraphrased, or repeated in a more understandable version at some other point in the song. Even then that doesn't apply to little children. I myself used to sing the Easter hymn "Up from the gravy, a rose" before I learned to read despite whole sermons about arising from graves.
The liner notes on the vinyl copy of The English Beat's "Save It For Later" I used to have change the lyric to "save it fellator" in the part where it's repeated in the fade out at the end of the song. And of course, the Sly and the Family Stone song is actually titled “Thank You (Falettinme Be Mice Elf Agin)"
It never corresponds with the music of the first line. ... "I see the bad moon arising.
John Fogerty has an interesting style and the way he sings it, the first line sounds to me a lot like: I see huh badduh oomah eye zing or perhaps I see her better rumor I sing
So in the first line, "bad moon" is "badduh oomah" but in the chorus, it's "baaaaa doom" so even if you get one, it's easy to miss the other.
myridon: "bad moon" is "badduh oomah" but in the chorus, it's "baaaaa doom"
I always kind of liked that song. Lots of doom and threatening things and rivers overflowing but in the end it was completely unclear what it really was about.