I don’t buy it at all.
There is no question that he says sh**, but I can't exactly tell if he says sh** or sh**ing. It did seem as though he was referring to the voters or poll numbers (I THINK that's what they were looking at) as being worth sh**.
As for the N-word part...I'm at work, so I couldn't exactly put the volume all the way up and try to listen carefully. It was a bit hard to make out since I'm not exactly a lip reader.
As always, I will wait for a more resourceful Freeper to sort this out. =)