I think Communism has had a bad rep because it was implemented poorly in the Soviet Union. The USSR is probably the face of communism because it was just a superpower only two decades ago and could challenge the US since before WWII.
China has a Communist system of government and it is now a direct threat to the US... economically. Because of our free market economy, the US has overextended its resources and its own citizens are becoming increasingly self-destructive to the very system that allowed such freedoms in the past.
If you look at who really has the power within our state, it's those with the wealth to influence the system to best suit them. The Bush administration is proof that our free-market economy and government are easily corruptible.