No, not quite so bad as that. But bad, yes.
Still, saying a man's political career is over because some rock on some land he leased had the term painted on it is going waaaaay overboard.
Here's what I liken the idea that this means Perry is racist to: I used to live on 10 acres. There were shotgun shells all over the place, because the previous owners used to do skeet shooting off their back porch. Yet, because we haven't picked up all the old shells off of the property, you assume that we have a full arsenal of all sorts of shotguns and military-grade weapons, and could even be training up a small terrorist militia in our spare time.
Now does that really make a whole lot of sense? Is that grounds for doing anything to mar my name or reputation?