While trying to leave out my personal opinions on the matter, I seriously doubt Bush has, or will, announce any plans for a draft before the election. It would be politically very damaging, as your reaction attests.
That doesn't mean it wouldn't happen (even if Kerry is elected, though I would say that the chances would be less.) Right now, the US military is pretty stretched. We're extending the tour of duty, as well as pulling troops from Korea & Europe. If something like North Korea boils over, a draft could be a real possibility.
Politics can often be a pile of crock, but don't just ignore it, because it will affect you. The greatest threat to our democracy, any democracy, is the citizenry becoming cattle.
I have to add one thing though: Freedom? It sometimes has to be fought for and defended. The draft is not always bad. But the threat to freedom can just as often come from our own government. So be informed. And pay attention to politics.
Oh man, this is going to open up the floodgates, isn't it? Ah well, I've said my part.