In a word, yes.
In many more words, here’s the scoop – Lead can be deadly at super high levels, usually in children, pregnant women, or already sick or nutritionally compromised adults. However, you or your kids are much more likely to experience low or medium level lead exposure vs. high exposure. Not that low level exposure is so great.

According to the National Safety Council (NSC), lead poisoning in children can result in IQ deficits, learning disabilities, behavioral problems, stunted or slowed growth, and impaired hearing. Once more lead gets into a child’s system, a child may suffer kidney damage, become …read more

The New York Times reports that there are yet more problems with lead levels in Chinese-manufactured toys.
“Amid a fresh wave of toy recalls yesterday, a consumer advocacy group said it had found hazardous levels of lead in many toys made out of vinyl plastic, potentially expanding the scope of testing and recalls of contaminated toys.
A random testing of more than 50 plastic toys found high lead content in 11 of them, according to Mike Schade, a campaigner for the Center for Health, Environment and Justice, which helped organize the testing.”
Among the results of the …read more