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Dr. Art Laffer, a former economic adviser to President Ronald Reagan, reacted Wednesday to the news that Sen. Bernie Sanders, I-Vt., had suspended his campaign for the Democratic nomination, telling “Outnumbered Overtime” he thought the self-proclaimed democratic socialist “would be very, very bad for this country.”

Laffer spoke as U.S. equity markets rallied to session highs following Sanders' announcement, which effectively ensures former Vice President Joe Biden will be the Democratic nominee.

“As a Trump supporter and a guy who thinks Trump is one of the best presidents we’ve ever had, I was delighted to see Joe Biden win the Democratic primary," Laffer said. "Not because I want to vote for Joe Biden, but because I think [Sen.] Elizabeth Warren [D-Mass.] and Bernie Sanders would be very, very bad for this country.”

Warren dropped out of the 2020 presidential race last month after a disappointing Super Tuesday performance, including a third-place finish in her home state primary.

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“If by chance — I think it’s a small chance — but if Biden wins the election, I think he would do a lot better job than any Democratic candidate that was running for office," Laffer said, "so I’m very pleased that Joe Biden is winning the nomination for the Democratic Party."