Alright, lets get past some of the emotion here cause this is a highly emotional thing and look at this reasonable.
First, there seems to be conflicting information regarding whether or not lying on a job application is legally "fraud" or not. If its legally not, then trying to compare this to it is wrong.
Secondly, I'm not seeing where perjury was done here. Would the person that made the claim please clarify?
Thirdly, to a point I agree. I don't think we need to be going down the road of stating lying is somehow unprotected. The reason for this is there are definite times when lying is in and of itself not clear cut. This isn't one of those times, but it opens that door.
Fourth, I could see this as being wrong at the least civilly and possibly criminal none-the-less. People keep talking about damage. Lets remove the emotional hyperbole to the side a bit. The man was running for office. While running for office he made these claims. If its found that any individual donated money to his campaign based on the fact they believed him to be a Medal of Honor winner then there is actual, tangible, damage there being perpetrated as people donated money based on a false bill of goods.
Fifth, there seemed to be some mention he was actually GIVEN a medal at some point later based on his statements that he was a winner? Is this true? If so, did it come from someone giving them theirs or from the government? If from a person, again, you have evidence of damage. If it was from the government, then you have evidence of defrauding the government.
I personally think there are few lower things one can do as an American than claim military service when you didn't have it. However as an American it does bother me with the notion of somehow criminalizing such things due to its more broad ramifications.