You cannot burn a burn a VCD (video CD) in Premiere Elements Editor workspace. The Premiere Elements Publish+Share/ (version 11 and 12) and Share/ (versions earlier than 11) are restricted to use of DVD or Blu-ray discs, not CD discs.
What version of Premiere Elements do you have and are you working instead in the Elements Organizer portion of the program?
Are you in the Elements Organizer Slideshow Editor or some version of Premiere Elements? Or, is your program some version of Photoshop Elements.
If Photoshop Elements, you have posted in the wrong forum. Your thread has been posed in the Adobe Premiere Elements Forum. You want the Adobe Photoshop Elements Forum. Photoshop Elements
Photoshop Elements and Premiere Elements get their codecs from installed programs.
Do you have Photoshop Elements, Premiere Elements, and QuickTime installed on the same computer?
Please review and consider and let us know the outcome.