U2 song analysis

Well, the song definitely has a connection or three to The Handmaid's Tale. The first lines begin with not believing what is seen and heard, but rather to just close your eyes and sense "the enemy." That, I believe, can also be said of the novel; it's a little restrictive and aggressive, and those Guardians really do a little more than just guarding. They are more often than not the agents of justice, if one could call them that. Contrary to popular enforced opinion, the people claiming to be the good guys are really more like the bad guys. Or, to view this from another point, this is also the idea that was drilled into the women's heads day after day, that the people walking next to them are simply feral animals. Don't trust the others beside you, they simply want to use you, only the best of the military is your friend...perhaps?
The next lines pertain to a somewhat defeated woman, which can be said about most of the women in the Republic, being stripped of their freedom and dignity. No one really likes the new order. Offred, however, continually finds hope in her imagination, and believes that there may be a time when she can escape all that is around her. In other words, the refrain of the song fits in perfectly here.
There were several references to wanting to be part of something that could be believed in. Now, the women of the Republic are more or less excluded from the world, and just exist. But what else is there to do? There is no real religion or movement, they've all been stamped out, save for one which everyone absolutely HATES. There's no point in being of something unless you believe in it. It makes it all worthwhile to do something you want to do; it gives a sense of individuality, and importance.
"Take a cup, fill it up, drink it slow"... well, I'd say it pertains to the desire to be able to enjoy oneself and really take the time to do so, rather than to just speed through your life. This connects fairly strongly to how Offred lived her life before the (I guess I'll call it) coup, just passing through the hotels, not knowing the details, just having sex and moving on...and then later regretting it because now there's absolutely nothing. A message to experience and enjoy all parts of one's life, to not take things for granted. Or it could just be the usual sensual line, which would connect to how Offred misses Luke. The usual love song lines.
The little two-liner right below the last refrain hints at how everything has already been done and no one knows what to do. Perhaps it stands for the fact that there's nothing else to do except to wait out the storm and continue on, enduring for the moment when it all gets overturned. Everybody else has already died in one way or another doing something radical. Maybe the successful thing to do is the idea no one's suggested, not doing anything?
I've been rambling so I'll wrap up the last stanza as fast as possible. The song references stashing and seizing, and responsibility begun from dreams. That most likely is a message to take what you can to survive and prepare for any possible chance in the future, and that if you dream you'd better be able to fulfill it. Don't just wish, but make it happen as well. Offred should be doing everything she can to not get killed and to be able to find her missing family. And she's struggling with it a little, but is doing that.
Continuing from that, dreaming out loud to find a way out. That most likely translates to the fact that the only thing that you need to get away from all the madness is to hope and dream. Believe and it will take you far. Offred's dreams, I think, will probably get her somewhere other than the normal daily trudge and duty, at one point or another. To find Luke and her daughter will most likely drag her out of the social catastrophe.
In short: Believe, do not give up hope, eventually you'll figure it out and succeed so long as you keep at it. And, of course, the acrobat line refers to the fact that Offred and just about everyone else is playing the part of the obedient citizen while they really wish the guys in charge would just hurry up and explode.