What Ronald Reagan would say about socialism: Art Laffer

What would Ronald Reagan say about socialism if he was alive today?

According to former Reagan Economist, Art Laffer, the late Republican president's views' likely wouldn't have changed in the 30 years since his time in office.

"Quoting Trump - America would never be a socialist nation," Laffer told FOX Business’ Stuart Varney on Thursday. "And neither will Venezuela within a few weeks. I mean they're going to come out of this roaring and doing well by getting rid of Maduro - and really, they have firsthand experience of what it really does do, and so do the Cubans."

Laffer also warned about hypocritical socialist leaders who talk about economic equality in public, but don't practice what they preach at home.

"You never see a better capitalist than the one who lived under true socialism," he explained. "And the socialists are capitalistic in their own personal lives."

Venezuelan President Nicholas Maduro, on Thursday afternoon, declared the government would close its border with Brazil.

Venezuelan and Russian diplomats met in Moscow to discuss a possible de-escalation of tension between the Maduro regime and opposition leader Juan Guaido.