In 2008, following a campaign in which racial issues were largely absent, Americans elected their first Black president. This article argues that Obama's election does not signal the dawn of a postracial era in U.S. politics. Rather, it reflects the current structure of racial politics in the United States—a division between those who favor color-blind policies and seek to keep racial discussions out of politics, and those who favor race-conscious measures and whose policies are often political liabilities. The Obama campaign sought to win support from both camps. Only if pervasive material racial inequalities are reduced can such a strategy succeed in the long run.