The war was old news by fall '92 and with the fall of the Soviet Union, 1992 was the first election since probably 1936 when foreign affairs played no role in the election discourse (and this would continue up to 2000).

Post-1968, Cold War played handidly to GOP's benefit and Bush Sr. got screwed when he lost that advantage. I'm reminded of the 1945 British elections, two months after Germany surrendered and PM Churchill didn't just lose his job, the Tories got destroyed, losing 190 seats.

Also let's not forget another factor: Bill Clinton the campaigner. Yes he was chubby (you all had to remind us of the "jogs"), but aside from Reagan, Bubba was probably the best American political campaigner of the last 40 years. He was the first Baby Boomer President, fresh new and exciting and this contrast really damaged Bush Sr., an aging member of the Greatest Generation that seemed out of touch in the 1990s. Dole later would have the same problem against Billy C.