I'd say in general neither, as context is needed.
Are you calling Obama a Monkey because he's dumb like a monkey or because Blacks are historically considered such? Then yes.
Are you calling Obama a Monkey because he has big ears and you get a shot of him with his lips in the right way? Then no, its the EXACT same kind of thing as Bush.
Are you calling Obama a Monkey because you think he's an idiot and doing the job a monkey could do? Then no, its the EXACT same kind of thing as Bush.
Intent matters.
Its the same thing as that idiotic Stephen A. Smith started saying this cover was purposefully racist:
cause it depicts the big, angry, black man looking like an ape hording over the white woman. Where as to me, I saw a clever play on the masculenity of a physically amazing person in LeBron with the feminitiy of one of the biggest models juxtaposed in a picture leading one to remember the famous images from King Kong, allowing the viewer to feel a bit of familiarity in the photo. But oh, Kong was an ape, so naturally the entire point of the cover was racists :roll:.