Dave Chapelle made this phrase famous in his own show.
See also I am rich, biatch, I am Rick James, bitch etc.
One funny ass motherfucking sonofabitch, hell yeah!
So you see his show. Season 2 where he is donating money to some streetmusicans while shouting "better not bring your kids", just funny!
Better Dead than Red pretty much means that it is better to die than to be communist. It was used a lot during the western side of the Cold War. It will sometimes be used in the modern-day but mainly online.
Communism is on the rise! If I am wrong though, better dead than red.