That being said, if framed into tighter better stated context, Bundy isn't far off. Under slavery, slaves were exploited for manual labor to make their masters rich. A totally evil practice for which this country still pays a price. Under the "great society" we foster a system that exploits the worst traits of human nature, builds a cycle of poverty, and has destroyed the family structure of many of those who were supposed to benefit from that system.
Instead of a slave master, it is liberal politicians that benefit from keeping those people in poverty. For black Americans this means voting for the same party that tried to preserve slavery, instituted Jim Crow and segregation laws, and now intitutionalizes the cycle of poverty. The effects of this are not isolated to black Americans. Welfare's promise of equal in-opportunity is true and the government has shackles for all types of people.
You're correct, his mistake was not conforming to political correction by using the phrase, "picking cotton" and the word "negro". He probably still calls a queer a queer too.
By the way, I and plenty of other white people picked cotton as youths, go ahead, call me a cotton picker, I won't be offended, call me a cracker or red neck if you want to.