As my own children are mixed race, I wouldn't think of it. Is Mulatto an offensive name? I've spent so much time amongst Brasilians and the color thing doesn't mean much to me. Never did. When someone asked me if I was, at one point in my life, going to marry "a brown girl" I said "hell, yeah". They didn't get invited to the wedding.
One of my buddies asked me about Americans who are racist. They seemed to think at the time that all Americans didn't like black people. He made coal like "light". I answered in Portuguese "O que um arco-iris com so uma cor?" or "What is a rainbow with but one color?". Good answer, got a big laugh, and it was true to my feelings.
I don't care if Barack's a mulatto. I do care that he's a skinny socialist. Enough to turn me on him with that.