No question that good political humor and satire is most needed. It's been my feeling that you have to have a backbone of steel to do it however,... by that I mean you are trusting an audience to be up on the news and perhaps at least read one newspaper in the past month! Sometimes it seems that's too much to ask. ;)
Under stand that in making lite of politics you are asking people to be willing to laugh at themselves and their choices (always daunting) and so in that you will be dividing your audience. If you make cracks about Republicans, Democrats, Independents etc, you will no doubt have them seated before you in the venue. You have to make sure it's funny and not simply your opinions. Keep in mind the audience is there to be entertained and not preached to.
Also know and be prepared for the fact that you will be reading and writing almost every day! Political figures come and go very rapidly and the overall scene changes constantly. The good news in that? It's a mother-load for bits, jokes, quips etc if you stay on top of it. Political figures are forever saying something stupid or at the least inconsistent with the public's idea of what is right and wrong. In other words there is a wealth of potential material in politics...especially worldwide....yes, don't be afraid to go after other countries politics too! That's often easier for US audiences to laugh at.
So break a leg with your new political jokes and if you get stuck just add Nixon's name to the punch line, it will get a laugh! Speaking of that, how can you NOT write a joke about a guy name Spiro Agnew???