The US has a higher tolerance for hate speech, but that doesn't mean you're allowed to say anything. The bar is comparably low to sue for defamation and libel, for example. Pretty much only the UK (perhaps France?) is less free in that particular aspect for comparable countries.
And free speech is not very useful unless you have access to ways to practice it. In a country where mass media practice active censorship voluntarily (against "wardrobe malfunctions" and swear words) in order to avoid state sanctions, that absolutist view gets a bit problematic.
