That's the actual original definition, which lasted all but five minutes in the left wing social zeitgeist before being co-opted by right wing lunatics to essentially be a catch-all phrase for "anything I don't like". It's a convenient substitute for their old greatest hits album - "Socialism/Communism", which was starting to get a little tired now that the cold war has been over for over two decades.
It's quite amazing the route that phrase has taken, hasn't it? From being overused by one group to the point of absurdity, being used sarcastically as an insult against them, and then being beaten to death for a second time, to the point where nobody using it deserves to be taken seriously.