Gov. Scott Walker is the first of the Republican presidential candidates this year to propose a full-throated alternative to Obamacare. It is a bold proposal that deserves serious consideration.

The main elements. Here are the highlights:

1. There would be no federal mandates—either for individuals or for employers.

2. Everyone who does not have coverage from an employer would get a fixed sum tax credit for the purchase of health insurance. The credit would increase by age, but would not vary by income.

3. The government would make a one-time, $1,000 deposit to the Health Savings Account of everyone who has health insurance—including children and including people who get insurance at work.