The language will eventually catch up, and we will lose more good words.
This has already happened with "well-regulated"...the word "regulate" originally had no political connotation, and "regulation" did not mean "law". It was a euphemism adopted by politicians as a gentler-sounding alternative to "dictate", etc. People eventually wise up, and now "regulate" means "to dictate with force". "Administrate" is right behind.
Eventually, the fact that "racist" originally meant "one who displays bigotry along phenotypical boundaries" will just be a curiousity for the etymology nerds, and the word itself will just be a meaningless, hollow insult.
I expect the word "fair" to flip its meaning completely within a hundred years.