I was also active under GHWB and I remember that's when the early-outs started. The Air Force had personnel teams traveling the world trying to scare my year group (7-10) to accept early-outs rather than being involuntarily separated. It amazes me how so many FReepers buy into the lie that the drawdown began under Clinton.
What worries me the most is not mentioned yet:
THE HEAT!
Yep, one of my best friends, a formerly promotable Major, was with a USAF ICBM Wing at Minot AFB. In 1992, when his silo was closed down and sealed, he was given a choice, USAF Human Resources (a dead end job) or voluntary separation after twelve years of service. He took the voluntary separation and became a school teacher. He is still ticked off that USAF killed his career because of the so-called “Peace Dividend.”