The video, titled "We've Heard It All Before," takes portions of the president's Democratic convention address in Charlotte, N.C., last Thursday and highlights similar statements from Obama campaign speeches in 2008.
The video uses a split screen with one frame showing him speaking in Charlotte and another with edited clips of Obama using the same language during his run four years ago.
The minute-long video concludes with onscreen text reading: "Same speeches. Same promises. Are you better off?"
RNC Chairman Reince Priebus accused Obama of offering nothing new in his Charlotte speech but "excuses."
"He proved at the DNC that hope is fading fast and change is gone," Priebus said. "President Obama has no tangible plan to fix our economy. He is offering more of the same failed policies that have not turned our economy around. He continues to recite the same tired excuses for his inability to keep the promises he made to the American people."
The Democratic National Committee hit back at the ad, with spokeswoman Melanie Roussell saying Republicans were “trying to turn the page from a disappointing convention that failed to produce the 11 point bump they promised.”
“The fact is there is a clear choice in this election – between the President’s plan to move the country forward and Mitt Romney’s plan to take us back to the same failed policies of the past,” she said.
The RNC has sought to counter the Democratic messaging from last week's convention, by asking voters if they are better off economically than they were four years ago. Democrats counter that the scale of the financial crisis inherited by Obama will take more than one term to fix, but Republicans say the president is trying to blame his predecessor for his own failed economic policies.
On Friday, a disappointing jobs report showing that the economy added 96,000 jobs in August, below economists' forecasts, threatened to undercut the president's message.
This weekend, GOP presidential candidate Mitt Romney hit Obama over the new employment data, saying the nation was facing a "jobless recovery." The Obama campaign countered that Romney and vice presidential nominee Rep. Paul Ryan (Wis.) were "ducking and dodging" over providing details for their economic proposals.
This story was updated at 1:49 p.m. to include a reaction from the Democratic National Committee.