In this alternate reality, the Sub-Mariner never disrupted the Eskimos who were worshiping the frozen Captain America, so he was kept by the tribe for several more years. Meanwhile, a disgruntled worker at a secret government holding facility decides that America needs a Captain America, and he frees two other Captain America and Bucky versions that are also held in suspended animation.
However, this a deranged, commie-smashing Captain America of the cold war era who was made unstable and paranoid by a 1953 attempt to replace the real Captain America. This alternate Captain America captures the imagination of the public, and soon hooks up with Secret Empire member Senator Norman Chadwick, who uses Captain America's reputation to push forth a raft of oppressive, racist laws.
Time passes, and eventually, the real Captain America (Steven Rogers) is discovered and revived by an American submarine crew, who fill him in on everything he has missed.
Turns out, that the USA has become a police state, with most freedoms eliminated in favor of battling a non-existent Communist threat. The other, fake version of "Captain America" appears on television regularly to promote obedience and loyalty, and the military. The real Captain America is outraged and gathers together a group of freedom fighters, including Snap Wilson and Spider-Man to revolt.
After the revolt, the real Captain America comes face to face with the fake Captain America, and they both fight. The real Captain America defeats the fake Captain America, followed by breaking the fourth wall and tell the reader that America is trash without the freedoms of the constitution, and ends with him singing the Star Spangled Banner, first alone, then with a swelling chorus from the audience.