It's definitely Photoshopped.
See how she's holding the shoulders of the shirt, so the neck and upper chest sag a bit?
The logo's not sagging.
Either it's a metal plate with the logo printed on it, or it's been placed, none too smoothly.
But think about the fact that people stop and wonder, rather than just KNOWING immediately. Not because it's a picture of Hillary, but any number of photoshopped pictures that have been posted here have been accepted as genuine.