I was at several division closings under GHWB (41).
This started before Clinton was in office and was called the “peace dividend” well before Clinton was elected.
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.