It makes sense in you consider the reason why we would need a draft in the first place.
I think that the connection between the draft our wasteful consumer culture is obvious.
Actually, it's more due to the fact that the U.S. wasn't equipped for much beyond conventional warfare. The guys that would be better suited for the current situation in Iraq? Those are our spec ops guys, and we just don't have that many of them to throw at the problems we're encountering. We barely have enough manpower to run patrols and 'maintain order' as it is (recycling exhausted troops notwithstanding).