No one died when Clinton lied.
The informant, Mike, saw this rhyme on a poster at an antiwar rally in his hometown of San Francisco in December of 2007. He cannot remember who was holding the sign. The rhyme stuck with him because he thought it was clever and paralleled his own political views. Mike interprets the rhyme to mean that George Bush lied to the American populace about the War in Iraq, which has killed many people. Whereas, when Bill Clinton lied about receiving a blowjob, no one was harmed, but Clinton was still impeached. In Mikes opinion the rhyme makes a valid point about the current President.
The rhyme is a clever political jab. It expresses the widespread sentiment that the current president lied to the American populace. Further it compares the less popular current President to a former, more popular president. Obviously the rhyme is reactionary to the current political situation. A quick Internet search reveals that the rhyme is available for purchase as a bumper sticker at websites like http://www.cafepress.com/irregulargoods.6864032. The slogan is also referenced in many newspapers. For example the March 21, 2008 issue of the Rocky Mountain News contains an editorial about the slogan. The widespread nature of the rhyme suggests that in the current political climate the view espoused by it is widely held. It also suggest that the rhymes type of is popular among Americans.