No, it doesn't : It implies that "white" people are being replaced by "brown" people, IMO. It is racist only in the sense that it reflects the triumphalist attitudes common (and often posted here) among the La Raza/Atzlan/ MeCha crowd.
That's how I read it....as a metaphor and not literally... the slogan suggests that Hispanics are going to be the new power base in America....nothing to do with color of skin really....which would seem more offensive to anglos...