If the social institution of the Democratic Party dissolved or radically transformed, the truth-value of the sentence would shift without any change in Obama's intrinsic properties, undermining the referentialist account.

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intrinsic properties(Contrasted with structural properties revealed by physics): Properties which supposedly underlie and account for the structural properties of things.
referentialist account(a specific approach to explaining how language gets its meaning): A philosophical theory that says a word or sentence means something by pointing to or referring to real things in the world, rather than depending on context or interpretation.
social institution(referring to the Democratic Party as a structured organization): An established system or organization (like government, family, or political parties) that society has created and that shapes how people interact and behave.
truth-value(logic and philosophy of language): Whether a statement is true or false. Two statements can have different truth-values if one is true and the other is false.

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