Premiere Elements does not have the feature that you are looking for. However, there is a plugin that you can use with Premiere Elements (I use v7)
There is a free tryout, but it is not free and not to be confused with the DVDate free download that is popular and related to Date/Time Stamp.
I have tried this plugin for the video timer. It does the job. If any further questions, please ask.
Do you know if they have something like this for PE8?
Yes. The same program.
Although SG's answer cut to the bottom line, there is a little bit more otherwise you might walk away thinking what are they talking about.
Do not be detoured by the DV Date free version. It does not contain the timer feature. Use the DV Date link that I provided in a previous post. It is this DV Date demo with the option to buy that you need.
When you download it, you will be greeted by a series of the usual installation dialogs.
a. "Select Adobe Premiere Version" will be your first challenge. Select "Adobe Premiere Elements 2.0, 3.0, 4.0". That is it.
b. The program will install in the programs file of Premiere Elements 8.0 in the path
C:\Program Files\Adobe\Adobe Premiere Elements 8.0\Plug-ins\en_US
c. When you open Premiere Elements 8, you are told that you will find the DV Date Timer in Video Effects. Here is the next challenge. Under Effects/Video Effects/it will be listed as "VIDEO", not DV Date, and should be just above the Videomerge Effect in the Effects display.
d. After you apply the VIDEO (aka timer effect) to your highlighted video on the Timeline, go to Edit Effects, and look for the panel for this effect. To the far right is a setup icon for the effect. Click on that to open it and see the setup options.
e. Do not be discourage by any strange messages telling you that this does not work and to hold your breath as you click OK. Strange! But it all worked out OK.