Mark Levin, a lawyer, a former bureaucrat (*), and a conservative commentator, who has just published an intriguing book called The Liberty Amendments: Restoring the American Republic, says “yes.” In short, he calls for a new Constitutional Convention to “turn back the clock” (to 1787, we presume?) by curbing the federal government and returning power to the States. Other countries that have recently revised their constitutions (for better or worse?) are Egypt, Tunisia, and Venezuela. So, prior probability asks, Is Levin’s call for a new Constitutional Convention a dangerous ploy or a sensible proposal? If, for the sake of argument, we were to call a new convention, who would get to attend its proceedings and what voting rules would apply? Majority rule, or a 2/3, 3/5, or some other super-majority rule? Unfortunately, Levin hasn’t really thought through these important procedural questions.
(*) According to Wikipedia, Mark Levin was chief of staff to Attorney General Ed Meese in the 1980s.
prior probability 
Egypt, Tunisia and Venezuela does not seem like an all star list of successful countries. The problem with increasing power to the states is that lots of Americans choose employment (followed by family roots) without strong regard to state politics precisely because they know the federal government hobbles states in many ways. A weakening of the federal government means that lots of people might be unhappy with the choices that their states would make. I suppose, on the other hand, that a convention has just as much chance of the federal government ending up with a stronger hand. In that case, there may be people who have chosen to pass on employment advancement etc. in order to stay in a particular state, precisely because of its politics. They might be unhappy that their state becomes less powerful through the convention process. So, a potentially radical reset on a constitution is best only when most people are already unhappy. Americans complain a lot about government, but at the end of the day are largely prosperous and happy already.