Just did some quick wiki research.
Nixon ended the draft based in part on a paper he had read that had been written by Martin Anderson, an economist and Ayn Rand devotee who became an advisor to Nixon, then Reagan and Poppy Bush.
http://en.wikipedia.org/wiki/Conscription_in_the_United_StatesThe other reason Nixon ended the draft was de-fusing the anti-war movement.
http://en.wikipedia.org/wiki/Conscription_in_the_United_States(This wiki contains a very poignant photo of young men registering for the draft in 1919. Apparently, they put on their best clothes to do so. They are in suits and straw hats. Then again, maybe it is a propaganda photo.)
And you know the anti-war movement is a pain in the neck for the new world order PNACers of America.
Charlie Rangel campaigned for a while to try to reinstante the draft, but got nowhere (except maybe years of harassment from the House).
Rangel felt the draft would spread the burden more equally because the poorest were registering for the draft because of a lack of better employment options.
No matter how you slice it, though, it was class warfare, only this kind of class warfare against the less privileged involves actual bullets, grenades, etc., instead of the figurative kind (which can also kill and maim).
The rich and well connected got out of the draft when we had one, Commander AWOL being perhaps the most notorious example. And after the draft was abolished, most of the rich and/or well-connected simply did not sign up.