Wisconsin Democrats are preparing to take control of the state Legislature, with plans to increase shared revenue for local governments, boost school funding and expand access to health care. But where will the money come from — and how much of the state's budget surplus can they safely spend?

Adam Murphy, a Milwaukee-area business owner and former Democratic candidate for U.S. Senate, weighs in on the challenges facing the incoming majority. Murphy questions how sustainable Wisconsin's current surplus really is, considers potential sources of additional revenue and makes the case that investments in education and workers can pay off for the broader economy.

Murphy also talks about how artificial intelligence is changing the work programmers do, including the growing need to understand customers rather than simply write code. There was also a quick mention of the hilarity of Palantir CEO Alex Karp now telling every media outlet he's a Democrat, days after a blue wave.

We also hit on corporate priorities and the billions companies spend buying back their own stock. Murphy argues businesses should put customers and employees ahead of shareholders, and agrees with the idea of banning stock buybacks — a question that could face Democrats in Congress.

In this conversation:

• Can Democrats pay for their priorities? Shared revenue, school funding and expanded health care — and the question of whether Wisconsin can afford the agenda.

• How solid is the state's surplus? Murphy's concerns about relying on corporate income and sales taxes, what happens when the economy slows, and where else the state could find money.

• Paying for priorities: Potential revenue sources, education spending and raising the minimum wage.
• AI and the future of business: How AI is changing the work programmers do and how businesses should serve customers.
• Corporate profits and public policy: Stock buybacks, government incentives and why Murphy believes businesses should invest more in their workers.
• The Brewers stadium deal: Whether public investment makes economic sense and who should benefit from development around the stadium.

Murphy is the owner of a small Wisconsin business called Big Bang LLC. He also ran for U.S. Senate and state Senate as a Democrat in Wisconsin. He holds degrees in economics and political science.