Does the term "politically correct" make any sense in english?

It seems to me, from my humble knowledge of the english language, that this term, "politically correct", doesn't make grammatical sense. Politically is an adjective referring to politics and Correct is either a verb or an adjective denoting whether or not the aforementioned phrase is without error, or it means to change so as not to have error. This doesn't seem to make sense. Would someone please explain?