If this is a joke, it's a bad one

I saw the commercial below on television the other night. I thought I must have stumbled across a re-run of Saturday Night Live or Mad TV.

But apparently not.

This is in such amazingly bad taste that I don't know quite how to react. It also strikes me as vaguely racist. It's certainly disrespectful of the highest office in the land, as well as of the man who occupies it.