The only way Saddam was going to be removed from power was:
1. He was killed, either by assassination or by an accident.
2. Direct military force.
Sanctions on Iraq did nothing to loosen Saddam's grip over the Iraqi people. Sanctions really only work if the ruler has the best interests of his nation in mind. We have been sactioning North Korea for the last 14 years. Its people are starving and its military is huge. Kim Jong Il is as defiant as any north korean leader has ever been.
It was having the same effect on Iraq. Public services in Iraq really went to pot in the 90s. The living conditions of the people deteriorated during that same time interval. Meanwhile, Saddam built close to 100 new palaces...
Yep...those sanctions were really effective.
Should we have just waited longer? Perhaps another decade or two? What we really would be waiting for, is not for our sanctions to finally have their full effect and for the leader to be pressured to step down from power, but rather for a different totally unrelated event to happen (like a coup, or an assassination, or a heart failure, or for some nation to grow the balls to actually do something.)