"I thought it was a very honest speech," Bush said of Wednesday's acceptance speech by the vice presidential nominee.
"Paul Ryan is the reality wing of the Republican Party," Bush said on the NBC "Today" show Thursday.
Ryan's address pointed out numerous failings of the Obama administration, including the refusal to heed recommendations of a bipartisan debt commission.
"He thanked them, sent them on their way and then did exactly nothing," he said of Obama, failing to note Ryan himself had been on the commission and ultimately voted against the final report, NBC said.
Bush also said the Republicans' conflicted stance on abortion, with Ryan staunchly anti-abortion and presidential nominee Mitt Romney struggling to appeal to women voters, will be secondary in the election to economic issues.
"I'm pro-life and I know Paul Ryan is. These are deeply held views but that's not going to create a job for someone who's laid off," he said.