In today's Internet society - those in the know would have their shennigans for their kids blasted across the media fairly quickly.
A mandatory draft would have e-journalists watching the deferments of politicians and rich guys kids fairly easily.
The composition of the politician's kids NG unit in Texas, which GWB got in would be known in a zap. Unlike my buddy from Lubbock who couldn't get in the Guard and went off to Viet Nam.
Back to the original OP - if every male had an M4 carbine here in TX, how many would cross the border in a flash for sale? In Iraq, the guns we gave them vanished into the private market. So, how often to we check in the guns, punish those who lose them? What a mess!
Let those who are legally motivated to own guns have them, IMHO.
Yep, we do have Katrina's and I do worry about government tyranny but I'm not OK with mandatory military weaponery for all. Imagine the reality shows then!!