Looks like he can't, but a quick check at snopes.com suggests otherwise. This image maybe real, indeed the very next image shows the binoculars with the lens caps off. So the good folks at Snopes conclude that Bush does know how to use binoculars.
Earlier disseminated images of Clinton at the Korean DMZ appear according to Snopes to have digitally fabricated lens caps. Looks like both sets of partisans were looking for a killer image like the famous Dukakis tank image that helped in a small way to end the Dukakis campaign.
This and similar images have been around for awhile but frankly I hadn't seen them until today when a friend forwarded a forwarded-well you get the drift-to me in my little corner of the noosphere.