Spot on to a large part (my Dad is one of those people, was a Reagan Republican, now has an obsessive and all consuming hatred of of Bush.)
It's not purely a financial thing though. There's something about Bush that really rubs old people in PA the wrong way, in a major, major way, and they really have an intense dislike of the Iraq War, more out of latent isolationism than the money involved not going to themselves.
I'm always deeply mystified by the Bush hate. He's one of the few Republicans that spoke out against the Clinton impeachment and to me is the most self-effacing, reaching-out-to-the other-side personality that we've had in the White House in my lifetime (and I'm old). I just don't get it. He invites Kennedy to the White House on day one and Teddy can't wait to call him the devil.. Wierd people.