Communism was definitely overblown with the benefit of hindsight. It's called the red scare for a reason. While modern day communists and socialists in the west or even more just left-leaning people defend communism by pointing out the fact that anti-communism was somewhat overblown, it doesn't change the underlying critiques of communism and socialism. When your political philosophy is responsible for the deaths of millions of people, you don't have a leg to stand on.
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