Hmmm, well I don't think "The Toxic Avenger" really reflects the needs of the current period, and not because of my general anti-left wing stance (which I sort of disagree with, I see Toxie as being more anti-douchebag than anything).
Right now the country is at a point where it's polarized politically, both parties believe the have a lead, but neither really does. Elections are being won literally on a hairs breadth and no leader is really remaining all that popular for the majority of his campaign, we see a lot more extreme swings than used to happen.
I see the issue as being that there are no more little issues left to pick on, all that's left really are the big, huge issues, that previous generations of politicians decided to leave for someone else to deal with. That's a big part of why you see such an interest in creating boogiemen (far more than usual) like the violent video games contreversy, so politicians have something to go after to show that they are doing something, and they don't have to tackle the big issues that are going to piss people off, and amount to political suicide for anyone who does anything... a potential legacy as having done something positive in the long term does not help your political power right now.
I don't think either a super left wing hero, who goes against the establishment, or a conservative right wing hero who beats up out of control freaks, really represent the current issues, as we're somewhere in between that. Really, I think most people realize that not ALL rich people are inherantly bad, but there are a handfull of douchebags in there who ruin capitalism for everyone. Likewise I think everyone realizes that being a bit differant isn't nessicarly bad, but there are a lot of violent "freaks" out there like gang bangers and criminals that need to be dealt with... of course right now we've identified that problem and Law Enforcement isn't ignoring it so much as trying to find the right balance of methods to deal with it effectively without running roughshod over human rights. In short neither approach to heroism is going to appeal to the masses since one side or the other might approve but a purist message is going to slot off as many people as not.
Marvel dealt with this issue largely by doing with pure fantasy, and managed to walk a fine line with the most difficult character in the current enviroment... Iron Man, by letting him remain a billionaire, but also turning him into a peacenik who is giving up violence and weapons manufacturing, and ensuring most of his storylines are very personal as opposed to him acting as a general vigilante and potentially raising the question of some billionaire going out and beating up poor people who are getting out of line through robbing and stealing. The comic book version of Iron Man.. who was the secretary of defense for the US goverment prior to the Civil War, might not go over that well. Even before that this was the guy who actually did make the toys for groups like SHIELD and was involved in helping to build The Sentinels (one of several people) if I remember. A very three dimensional character with a lot of flaws to go with his strengths.
To be honest, I think Warren Ellis sort of started the trend that should have been followed for the current era with "The Authority". The idea being a ruthless group of super heroes who didn't pussyfoot around with the small issues, but started playing on a global scale, with the stories focusing on the repercussions of those kinds of actions. It got away with being fairly left wing, by taking place in a universe similar, but differant from our own, where their approach was fairly appropriate. Now "The Authority" itself wouldn't work for this, and the writers that came after Ellis were nowhere near as good at covering the material, but I think the basic issue of trying to deal with big issues in an absolute sense and simply muscling through the impasse is probably would could work for the current climate. Big issues require a bigger type of hero than the streetwise vigilantes that were popular through the 80s and 90s. The trick of course being to walk between the party lines as opposed to leaning one way or the other, forcing middle ground solutions so to speak, that might not bring about perfection, but leave things a bit better than they started off.
That's my thoughts at any rate.