Chris Rock used that phrase in one of his stand-up shows as well. It's probably easy to find on Youtube.
Also, I disagree with the logic that the statement is inherently racist. I understand that everyone in the USA is hypersensitive about race and has been conditioned to automatically scream "racist" at the mere mention of that word, but analyzing the position behind the statement logically: in this context it is being used as a class signal, not a race signal.
I have heard this exact phrase (well without the euphemism) come out of many people's mouth in the Midwest.