...or a cash-in on progressive angst, as the other reviews say. For non-Americans, it's a test of patience how much more US neurosis one can take with one's entertainment. There are some signs that this could become a great parody, given how over the top Sarah Paulson's character is (that orgasmic beam on her face when she says "and then Barack got elected"). And Evan Peters' character could become a great parody of supremacist basement boys, because he's got a few great lines of derangement and genuinely scary strategies.
But this could also become another play on hyping paranoia if it presents itself as serious social commentary, which is what ruined "Get Out" for me - because in that case the rampant misogyny of the writing would also be serious (the psycho sis; Lesbian super-neurotic time-bomb, butch = masculine, stable, sane; femme = feminine, weak, deranged). Jessica Lange and Taissa Farmiga gave AHS some pretty awesome female characters in the past, but lately the writing's been the only horror in this show.
Update: I thought it would turn real ugly but halfway in, I got to say they've really dared to swing the series towards social parody, and Paulson's character is less of a stereotype now. It's still waaaay over the top compared to the narratives of earlier days. But I keep watching for the sake of the huge risk the team is taking.