No. It is illegal to threaten the President.
I would call the police if it were my neighbor. I'm not reactionary, nor am I holier-than-thou. First of all, George Bush is President of the United States. Second- this is one hell of a bad civics lesson for children.
Can you imagine taking your nine-year-old out on Halloween to find this?
The cops should put an end to it.
Call the FBI, threats against the President are taken very seriously.
call SS. that would be so funny.