"Many people are worried about the convention running wild and overstepping its own authority, but this proposal is extremely limiting in what can be discussed. It limits reform to four areas: the budget process, the election and initiative process, restoring the balance of power between local and state governments and creating new systems to improve government effectiveness. More important than what it says you are supposed to discuss is what it says cannot be reformed; the proposal specifically prohibits tax increases and social reforms such as marriage, abortion, gambling or casinos of any type, affirmative action, freedom of the press, freedom of religion, immigration or the death penalty. All of the deliberations would also be made public, not like the original Constitutional Convention where everything was kept secret." A convention running wild is the least of our worries and the fear thereof just goes to show how cowardly we've become.
It would be a means of repealing the one amendment that put us in this mess in the first place. This being the 16th created in 1913 that gave the federal government powers to tax the income of individuals and businesses to redistribute this wealth to others as the government sees fit and to bring the full weight of the federal government down on anyone who doesn't comply.
Far worse would be a second civil war, collapse or revolution as some have called for.