Zawahri argues that the U.S. president is following the same policies as his predecessor, George W. Bush.
"America brought us a new face, trying to deceive us yet again. A face that calls for change, but it's rather calling for us to change, to give up our faith and our rights," says Zawahri, adding that Mr. Obama's victory in the U.S. presidential election was an acknowledgement by the American people of, "the failure of the policies of Bush and his gang."
Zawahri warned that Mr. Obama's "surge" of troops to Afghanistan will only make things worse. "What Obama is seeking to do by increasing the U.S. forces in Afghanistan and continuing to bomb Pakistan will only add more fuel to the fire and expose your soldiers to more killings and injuries."
"What Obama has claimed about negotiating with moderate Taliban is an illusion that he is fooling you or himself with," added bin Laden's deputy.
Zawahri had already strongly condemned Mr. Obama in a tape released last November, in which he described the American president as a, "house Negro".
Osama bin Laden's deputy delivered his speech to mark the 6th anniversary of the U.S. invasion of Iraq, and 30 years of peace between Egypt and Israel.
He extended his criticism to the West, to Arab rulers, to Egypt, and he even directed some of his harsh rhetoric at Iran, accusing the Islamic Republic of conspiring against Muslims in Iraq and Afghanistan.
Aligning his views with bin Laden's, Zawahri called on Islamic extremists in Iraq to unite, reminding them of the heavy responsibility on their shoulders — that of conquering Palestine and liberating Jerusalem.
Bin Laden himself suggested in a tape released mid-March that militants should establish a strong base in Iraq, move into Jordan and force their way into Israel from there.
The tape also drew attention to the economic impact that the wars in Iraq and Afghanistan have had on the U.S. and other world economies. Zawahri cited a study by Linda Bilmes of Harvard University and Joseph Stiglitz of Columbia University, saying that America has spent over $2 billion on its military activities in Iraq alone.
Zawahri concluded with a message to the American people. He told Americans that they would continue to suffer the consequences of "Bush's foolishness" and that Mr. Obama has not brought them any of the change he promised to deliver.
"President Obama didn't change the image of America in the eyes of Muslims and the oppressed. America is still killing Muslims in Palestine, Iraq and Afghanistan… it is looting their wealth, occupying their land, and supporting the corrupt traitorous rulers in their countries," he said. "The problem is obviously still there. It is even more likely to worsen and escalate."
"Your leaders are trying to trick you into believing that killing, arresting or torturing this or that one will protect America against threats. Kill, torture and imprison whoever you like, for this is not going to tone down the intensity of jihad against you."