As a capitalistic warmonger, of course, with greedy corporations running everything and the country constantly engaging in imperialist wars. Basically, the sort of stuff which Noam Chomsky says about the U.S., but with an added nationalistic emphasis on the threat to the U.S.S.R. in particular.

While American propaganda emphasized the lack of political freedom in the U.S.S.R. (freedom of speech, etc.), Soviet propaganda emphasized the lack of economic and racial equality of the U.S. "They lynch Negroes there" was a popular parody of the tu quoque arguments which the Soviet government made in response to Western criticism of its human rights record.

American social conservatives who think of the Soviet Union as having been "godless" may be surprised to hear that Soviet propaganda liked to portray the West as "decadent". Up until glasnost in the late 1980s, the Soviet Union had, by U.S. standards, 1950s levels of censorship against sexual themes in film. Thus, Soviet propaganda portrayed American film as being full of pornography, presumably to distract the workers from rebelling against capitalism.

This video was created by the CIA to show Reagan how Soviet media portrayed America.

You might be interested in some threads from the FAQ section on "What Did Soviets Think..":

Soviet Media in General

• What was the U.S.S.R.'s perspective on the Cold War? - 8 comments, over 1 year old.
• The topmost comment gives a concise summary of the key themes in Soviet propaganda with regards to the West and also lists a variety of online accessible sources which may interest you.
• During the Cold War, did the Soviets have their own James Bond character in the media? A hero who fought the capitalist pigs of the West for the good of Mother Russia. - 309 comments, over 2 years old.
• The topmost comment in this thread uses a classic Soviet cinema hero to explore what views of the West the movies of the Soviet Union imparted upon their viewers.
• How was the first moon landing reported in the USSR? - 13 comments, over 1 year old.
• The commenters in this thread pull up Soviet newspapers and even link to an interview with Nikita Khruschev's son on the matter.
• What was the Soviet reaction to America putting men on the Moon in 1969? - 14 comments, over 1 year old.
• The comments in this thread only briefly talk about the Soviet media's portrayal of the events but later in the top comment thread one commenter talks about the goals the Soviet's had for their space program hardware.

Soviet Media on American History and Events

• How did Soviet schools/media portray the American "founding fathers"? - 5 comments, over 1 year old.
• The commenters in this thread go into what themes the Soviet media would hit upon when comparing their society to that of the United States and thus how the Founding Fathers fit (or not) in the matter.
• How did other nations, particularly the Soviet Union, react to the Civil Rights movement of the 1960s in the United States? - 3 comments, over 1 year old.
• The commenters give very brief summaries on the matter and also link to a website and a book written on the topic.

Soviet Government

• To what level did the USSR fear the US during the Cold War? - 7 comments, over 2 years old.
• The commenters in this thread go into the key events and actions which made the West highly untrustworthy and adversarial in the eyes of the Soviet government.
• To what extend did the USSR demonize the West? Was there ever a "blue scare"? - 10 comments, over 1 year old.
• The commenters in this thread go into the Soviet government's perceptions of the West and it's own response to what it viewed as subversive activities.