The point of this post is not to offer a yes or no answer to the question, but simply to raise the issue, which I've not done here before (to the best of my recollection). Given the approach of Memorial Day, this seems like an appropriate time to do it.
I'll start with a quotation, something Michael Sandel wrote five years ago:
"Notwithstanding the outpouring of patriotism in the immediate aftermath of September 11, and the sacrifices being made by the soldiers in Iraq, American politics lacks an animating vision...of the shared obligations of citizenship. A few weeks after the terrorist attacks of 2001, President Bush...was asked why he had not called for any sacrifices from the American people as a whole. He replied that the American people were sacrificing by enduring longer lines at airports. In a 2004 interview in Normandy, France, on the anniversary of D-Day, NBC's Tom Brokaw asked the President why he was not asking the American people to sacrifice more.... Bush seemed mystified, replying, 'What does that mean, "sacrifice more"?' Brokaw offered the example of World War II rationing and restated his question: 'There's a great sense, I think, that there's a disconnect between what the American military people are doing overseas and what Americans are doing at home.' Bush replied: 'America has been sacrificing. Our economy hasn't [been] as strong as it should be, and there's -- people haven't been working. Fortunately, our economy's now strong, and it's getting stronger.'Sandel's approving reference to Brokaw's mention of World War II is one of many indications that, as the historian David A. Bell wrote a couple of years ago, "in the United States, our equivalent of the [French] legend of [the mass levy of] 1793 is the legend of World War II. Particularly today..., the years 1941-45 have come to be regarded as a veritable American Golden Age.... instead of treating the war [WWII] as a truly exceptional moment in American history -- a combined moment of industrialized mass warfare and real national peril -- we treat it as a paradigmatic one. It has become the standard against which we measure ourselves and, not surprisingly, find ourselves wanting." 
"That Democrats did not seize the theme of sacrifice, and that Bush scarcely understood the question, testifies to the dulled civic sensibilities of American politics in the early years of the twenty-first century. Without a compelling account of the public purpose, the electorate [in the presidential election of 2004--LFC] settled, in a time of terror, for the security and moral certitude they associated with the incumbent President." 
Bell went on to argue that the civic reason for reinstating the draft -- to even the distribution of sacrifice and "provide the population as a whole with a common civic experience" -- receives little support from "the overall history of modern Western democracies":
"At the height of the French Revolution, during a legislative debate on the war, a deputy to the Legislative Assembly grandly declared that 'if we are not yet Spartans or Athenians, we will become them.' But in fact, we are not Spartans or Athenians, and will never become them. Which is to say, we will never accept the infringement on individual liberty represented by conscription other than as a direct response to extreme danger. To do otherwise is simply not in our civic nature." I'm not certain that experts in the history of systems of military service (of which I'm not one) would agree that "we will never accept the infringement on individual liberty represented by conscription other than as a direct response to extreme danger." The last time the U.S. had a draft was during the height of the Vietnam War, and in that case publicly articulated opposition to the draft was couched, for the most part, in terms of opposition to that particular war. It was not primarily framed in terms of "we are not Spartans or Athenians" and therefore conscription, except in highly unusual circumstances, is alien to our "civic nature." How much doubt this casts on Bell's argument is, I suppose, debatable -- opposition to the Vietnam War and the draft was, to use the jargon of social science, overdetermined -- but it does perhaps suggest that the question is a bit more complicated than Bell allows.
1. Michael J. Sandel, Public Philosophy: Essays on Morality in Politics (2005), p.3.
2. David A. Bell, "When the Levee Breaks: Dissenting from the Draft," World Affairs (Winter 2008), p.66.
3. Ibid., p.67.