But he was less than convinced about Mr. Obama’s move to overhaul the health care system.

“There are a lot of ways to remedy the situation without nationalizing health care,” Mr. Bush said. “I worry about encouraging the government to replace the private sector when it comes to providing insurance for health care.”

Asked by the evening emcee at the 104th annual Manufacturer and Business Association meeting if he finds the new president’s policies “socialist,” Mr. Bush started then stopped.

“I hear a lot of those words, but it depends on..,”he said, breaking off. He later offered a more diplomatic assessment: “We’ll see.”