Are we experiencing a third red scare?

There are a lot of Americans (particularly from the right) who fear that we have a Communist in office. I recently did a research paper about the Red Scare (first and second), and their seem to be some similarities between those and whats happening right now. The right-wing media is constantly labeling Obama a Communist, with no evidence to back up the claim. They are constantly feeding the people that Obamas administration is a Communist one, and there are a LOT of people out there who truly believe this. It seems similar to what McCarthy did to Truman in the early 50s. Also very similar to the first red scare where labor unions were labeled Communists, and people believed a revolution was at hand. During both Red Scares, nothing ever happened and it was largely fed by the media. People really believed that America was on the brink of becoming a Communist state. Are we experiencing another red scare, albeit to a lesser extent?