Political correctness has caused us to drift away from the ideal of "I may disagree with what you say, but I will defend to the death your right to say it."
We need to go back to that ideal, abandoning political correctness, but expanding of the basic ideal to address consequences more explicitly. Now we need to say, "I may disagree with what you say, but I will defend to the death your right to say it. HOWEVER, I WILL NOT PROTECT YOU FROM THE CONSEQUENCES OF YOUR STATEMENTS WHEN YOU SAY SOMETHING UNPOPULAR, INCORRECT, OR FALSE."
Free speech INCLUDES hate speech. The penalty for hate speech should come from public reaction to it, rather than from the government. When the government punishes hate speech, that's a form of censorship. When the public at large punishes hate speech, that's society saying "We don't want this to be a part of our culture."