It's official. The Alberta government has slain its public debt - and they did it 9 years ahead of schedule. Each and every Albertan owns a stake in this accomplishment by insisting the government get its house in order, despite the hardships resulting from the fiscal reforms of the 1990's. It's a historic day for Albertans, and it provides an opportunity for all Canadians to reflect on the lessons learned from the "Alberta Experience."

For Saskatchewan taxpayers, the dream of debt freedom will not be achieved in our lifetimes - perhaps never at all. For neighbouring provinces, the differences between Alberta and Saskatchewan couldn't be greater.

The current financial freedom enjoyed by Alberta is a great example to follow for Saskatchewan politicians. At least, that should be the case. But we can already hear the dismissive complaints from the Saskatchewan government: "Alberta is debt free because they have all that oil."

This is only partly true. Yes, Alberta is experiencing historically high oil and gas revenues. That said, you can't ignore the tough measures implemented during Ralph Klein's heydays of the early 1990's. Also remember that oil and gas reserves do not stop at the Alberta-Saskatchewan border. The fact that Alberta's oil and gas development is light years ahead of Saskatchewan's has everything to do with government policy.

Alberta has created an environment where oil and gas companies can make a reasonable profit when energy prices are at the lower end of their cycle. Saskatchewan hasn't.

Also remember that in the early 1990's Alberta passed legislation banning direct government investment in the economy. Albertans were burned by massive government investments in waste treatment facilities, pulp mills and technology companies (sound familiar ). When Ralph Klein came to power he proclaimed the Alberta government was no longer "in the business of being in business."

Alberta also passed legislation that made running deficits illegal - laws that, despite their flaws, helped hold the government's feet to the fire. The law kicked in when the events of September 11, 2001 caused a downturn in the North American economy. Finance Minister Pat Nelson implemented immediate across-the-board spending reductions to keep the budget in the black. In contrast, the Saskatchewan government increased spending and most departments went over budget.

To cap it all off, Alberta enacted a 25-year debt repayment schedule. There is no such thing in Saskatchewan.

At the end of the 1980's the two provinces were in similar positions - skyrocketing debt and stagnant economies. Where they differ is how they dealt with their situations. Alberta cut spending, enacted legislation preventing deficits and requiring a debt repayment schedule. Saskatchewan changed nothing at all.

Saskatchewan's fiscal and economic policies remain largely unchanged since the days of Tommy Douglas. The result of our archaic government policies is predictable -- a growing provincial debt ($14.5 billion), an under-developed oil patch, a stagnant economy and a declining population.

The Saskatchewan government needs to take heed, but keep in mind that Alberta didn't change until the people demanded it.