You correctly translated it. In German it is a play on words. Basically "lackiert" means "painted" or "lacquered". But using it as an attribute of a person, it colloquially means somebody who was fooled or betrayed. The primary meaning of "Anstreicher" is "house painter", so it fits to "lackiert". But it is also associated to a certain type of politician who self-confidently and pompously makes promises and raises unrealizable expectations amongst his supporters. Although "Anstreicher" is a generic name, in your text "der weltgrößte Anstreicher" is nobody else than Hitler. See source 1. And especially have a look at Bert Brecht's Das Lied vom Anstreicher Hitler (in English The Song of the Housepainter Hitler) from 1933. See source 3 and source 4. Here is a quotation from source 3:
"Bemerkenswert in diesem Teil ist auch noch die Wortwahl in den letzten beiden Zeilen, wo die Rede vom anschmieren ist. Spätestens hier ist die Doppeldeutigkeit des Anstreichers, als Person die alles und alle anschmiert, sehr deutlich herauszulesen, was wieder zu den oben genannten Beispielen sehr gut passt.
Als Resümee bleibt einem der Eindruck, dass der Anstreicher Lug und Trug verbreitet und durch das anschmieren wie schon erwähnt alles und alle in die Irre führt."
1936/37 Brecht moreover wrote Der Anstreicher spricht von kommenden grossen Zeiten. For the short text see here.
Another occurrence of "Anstreicher" can be found in the trade union newspaper Der Steinarbeiter - Zeitschrift des Zentralverbands der Steinarbeiter Deutschlands für die freigewerkschaftlichen Aufgaben der Arbeitnehmer in der Steinindustrie und im Steinstraßenbau from February 11, 1933. Note that Hitler became Reichskanzler on January 30, 1933. Quotation from the poem Der "rrrevolutionäre" Unorganisierte:
(Ick hatte ville von Hitler jehört / Und det uff den Anstreicher de janze Welt schwört.)
Some supplementary material concerning Hitler:
For the profession "Anstreicher" see here. Quotation:
"Die offizielle Berufsbezeichnung in Deutschland ist Maler und Lackierer. In Österreich umfasst das Berufsfeld zwei amtliche Lehrberufe, Maler und Anstreicher und Lackierer."
It is well-known that Hitler neither has done any apprenticeship nor practised any profession. Neverthless he was erroneously perceived in Germany and abroad as a Maler (painter), although not in the sense of an artist but of a craftsperson. Sometimes he was taken as a Dekorationsmaler (decorative painter) which comes closer to an artist than a house painter. See Frühe biografische Texte zu Hitler by Othmar Plöckinger.
And, by the way, the word "Anstreicher" sounds similarly as "Landstreicher" (= tramp). And just an additional association coming to my mind in the context of Nazi Germany: "Anstreicher" consists of the two parts "An" and "Streicher". In Nazi Germany Julius Streicher was the founder and publisher of the virulently antisemitic newspaper Der Stürmer, which became a central element of the Nazi propaganda machine. See source 2.
Remark 1: As Carsten S. comments, the associations "Landstreicher" and "Julius Streicher" were presumably not intended. I agree with him. Nevertheless they exist and they give an additional negative Anstrich to the word in the context of Hitler.
Remark 2: In the phrase "rannten 80 Millionen Lackierte dem weltgrößten Anstreicher hinterher" the word "Anstreicher" refers of course to Hitler and to nobody else, but it is an interesting question whether it was created ad personam Hitler. Some sources say that it was used in the Weimar Republic as a negative designation for a certain type of politician. See
Kleine deutsche Literaturgeschichte: erzählt an 20 Gedichten by Hans-Georg Müller
Quote from p. 218:
"Die Ursache für diesen merkwürdigen Schimpfnamen [adressed to Hitler in Bert Brecht's Das Lied vom Anstreicher Hitler] ist einerseits in der politschen Tradition der Weimarer Republik zu suchen, wo "Anstreicher" eine gängige Bezeichnung für oberflächliche Politiker war."
Unfortunately the only evidence given by the author is Kästner's statement "Immer wieder kommen Staatsmänner mit großen Farbtöpfen des Weges und erklären, sie seien die neuen Baumeister. Und immer wieder sind es nur Anstreicher." But it seems that Kästner wrote this after WW2. An occurrence from 1925 is confirmed here (this source also dates Kästner's statement in the post-Nazi-era), and it seems that "Anstreicher" is attributed exclusively to Hitler so that it would not be a generic name. On the other hand, if the word should have no broader meaning than that of a synonym for Hitler, then it would be unnecessary to emphasize that the Anstreicher was the weltgrößte Anstreicher. Also in Brecht's poem we do only read (four times) the combination Anstreicher Hitler.
I think it needs an historian to clarify this point.
Hitler was aware of his derisive nickname. Quotation from one of his speeches (1933):
"Ich bin, meine Arbeiter, in der Zeit meines Kampfes um die Macht in Deutschland von denen, die selbst vorgaben, Arbeiterinteressen zu vertreten, oft angegriffen worden mit dem Hinweis auf meine Herkunft. Damals pflegte man zu sagen: Was will denn der ehemalige Bauarbeiter oder Anstreicher eigentlich?"
