“McCarthyism is the practice of making accusations of disloyalty, subversion, or treason without proper regard for evidence. The term has its origins in the period in the United States known as the Second Red Scare, lasting roughly from the late 1940s to the late 1950s and characterized by heightened fears of communist influence on American institutions and espionage by Soviet agents. Originally coined to criticize the anti-communist pursuits of Republican U.S. Senator Joseph McCarthy of Wisconsin, "McCarthyism" soon took on a broader meaning, describing the excesses of similar efforts. The term is also now used more generally to describe reckless, unsubstantiated accusations, as well as demagogic attacks on the character or patriotism of political adversaries.” –Wikipedia on McCarthyism
Now, I don't doubt there are a few aging dinosaurs in their 70s and 80s who are still living in the Cold War era because of their dementia and others stupid enough to buy their rather insane paranoid delusions but for the most part no-one cares about the communists or communism in modern day politics. They've become quite irrelevant.
No, there isn't a red under every bed.
My Weird Meter exploded when this story hit the news.
A more detailed take on this story by David Nickle of Inside Toronto:
Mammoliti's Strategy Isn't Pretty But It Is Effective