Given that the original series of fake Matriculas Consulars also included Jorge Arbusto & Grayout Davis, I fail to see how this can be described as racist.
It was purely intended as a humorous comment on the ease of which these ID's could be used to facilitate illegal immigration, as well as taking down a peg those who support (explicity & through a failure to stop their use) the growth of the use of the Matriculas Consular, a blatant end run around U.S. immigration laws.
Link to Bush card:
http://comedian.blogspot.com/2002_07_28_comedian_archive.html#79603143
Link to Davis card:
http://comedian.blogspot.com/2002_08_25_comedian_archive.html#80738605