Captain America was "put on ice" (retroactively) in 1945 and rescued by the Avengers in 1964. Man Out of Time (2010) had him being revived in the mid-to-late '90s, and "Our Secret Wars" (2025) in the early 2Ks. But there was an earlier version, from 1984 (set in 1983): "What if Captain America Were Revived Today?" I read What If? for only a short time in the '80s, and I had already dropped it by #44. But, earlier this year, I dealt with those other "what ifs" in The WWII Career of Captain America discussion, which put me in the mood to track down this issue as well.
In this alternate reality, Captain America was not inadvertently freed from the ice by the Sub-Mariner in Avengers #4. Consequently, lacking a centrak unifying spirit to rally around, the Avengers quietly disbanded circa #16. As in our reality (circa Captain America #153), a disgruntled government worker released William Burnside and Jack Monroe (the Captain America & Bucky of the 1950s) from suspended animation, but this time he is accepted as the original. Soon after he is contacted by Quentin Harderman of the Committe to Regain America's Principles (circa Captain America #169). The ersatz Captain America becomes involved in politics, spouting some very familiar rhetoric (such as "It'll take guts to Set America Right Again").
With "Captain America's" endorsement, the extreme right wing candidate Norman Chadwick is elected senator. Chadwick belongs to the America First Party, led by Wiliam Taurey (see Captain America #193-200) and representing the Secret Empire and the Sons of the Serpent, whose intentions are "to return America to the pure and great nation our forefathers envisioned!" Once in office, Chadwick introduces the National Identity Card Bill, designed to assure that only "real Americans" get jobs. After he prosposed a Federal Jobs Bureau, to "insure that each and every American be given a fair shake at earning a living," but which discriminates against minorities seeking to advance in the job market.
At a peaceful protest against the "anti-DEI" initiative, an assassination attempt is made on "Captain America," which leads to the passage of the Emergency Security Powers Act. Section of certain cities -- such as Harlem, Watts, the South side of Chicago and Detroit -- are walled off. The Congressional Committee on Public safety calls for increasingly harsh measures. Martial Law is declared.
It is against this backdrop that an Arctic storm blows the block of ice encasing Steve Rogers into the North Atlantic where it is eventually discovered by a U.S. Navy submarine. The armed forces have become, perhaps ironically (or at least unexpectedly), the only refuge from the policies of the America First Party, who by this time have swept the national elections and now control the white House, Congress, and the state legislatures. The submarine captain ushers the real Captain America to the office of the Daily Bugle and introduces him to J.Jonah Jameson, crusader for the First Ammendment. (The Bugle is still allowed to provide token dissent under the Emergency Information Freedoms Act to preserve the illusion of Freedom of the Press.) Jameson puts them in touch with Nick Fury, leader of the underground movement against the First Party, and his lieutenents Peter Parker and 'Snap' Wilson.
The underground movement crashes the America First Party's national convention at Madison Square Garden, and Captain America makes the follwing speech:
"Listen to me -- all of you out there! You were told by this man -- your hero -- that America is the greatest country in the world! He told you that Americans were the greatest people -- that America could be refined like silver, could have the impurities hammered out of it, and shine more brightly! He went on about how precious america was -- how you needed to make sure it remained great! And he told you anything was justified to preserve that great treasure, that pearl of great price that is America!
"Well, I say America is nothing! Without its ideals -- its commitment to the freedom of all man, America is a piece of trash! A nation is nothing! A flag is a piece of cloth! I fought Adolph Hitler not because America was great, but because it was fragile! I knoew that liberty could as easily be snuffed out here as in Nazi Germany! As a people, we were no different from them! When I returned, I saw that you nearly did turn America into nothing! And the only reason you're not less than nothing -- is that it's still possible for you to bring freedom back to America!
"You followed a leader in this garb once, and he led you into evil! I won't have you exchange one piece of cloth for another! I can't undo the horrible damage you've let befall America! Even now men are dying in the streets for that cause -- and the war for liberty is just starting! I've taken away your crutch -- now you must look to your own hearts, join with those that you have denied are your brothers -- reach out for ideals that make this costume I wear mean something -- and find America once again!"

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I remember that story. What If was always a mixed bag, but there were some good ones in there.
I haven't read that comic in a long time, but at the time I was disappointed. That's because with a couple of exceptions*, most What If? stories featuring Captain America had him frozen on ice and waking up in a world run by a neo-fascist regime, as if the writers couldn't find any other Captain America stories to launch from. Seriously, they did it FOUR times. (From Wikipedia: "List of What If issues")
Now, I obviously wasn't reading What If? #44 in the context of today's times, which I might find very depressing indeed.
* Those exceptions were "What If Captain America Had Not Vanished During World War II?" (What If? Vol.1, No. 4, Oct. 1977), which was folded in to Earth-616 continuity because it explained the careers of the substitute Captains America, and "What If Captain America Was Elected President?" (What If? Vol. 1, No. 26, April 1981)
The best issues of What If?, IMO, are those done by the creative team of the story being "What Iffed" (to coin a phase) at the time they were still doing the series in question, such as #35 ("What if Electra had lived?" by Frank Miller) and #36 ("What if the Fantastic Four had not gained their superpowers?" by John Byrne).
One slight correction, CK: the issue you describe is #4 ("What if the Invaders had stayed together after World War II?"), not #5.
That is my personl favorite issue of What If?
The Elektra one takes place in continuity as well (after a fashion), because it is the Watcher relating the story directly to Matt Murdock in the cemetary where Elektra is buried.
Corrected. Thank you.