First, they measured "racism" with the implicit bias test. It's not self-report, it's an objective (and I think, pretty well-tested) measure.
What they showed is that people who had more racial biases weren't stupid, they just had to work harder on particular tests of cognitive abilities that required them to associate "black" (black images, black names, etc.) with positive stimuli. It's not saying their stupider, it's saying that they just have to work harder to overcome their innate impulses.
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"If ten million people believe a foolish thing, it is still a foolish thing."
- Anatole France
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