US Constitution: Would it make sense to scrap the US Constitution and rewrite a document more in touch with modern-day America?

A 220 year old document written in an entirely different context to today's United States would seem to be outdated.  What are the arguments for retaining it?  I could imagine a scenario where a Constitutional Convention is formed containing law makers from all sides of politics, religious leaders from all faiths, prominent moral leaders and others to be recommended.  It would meet far from Washington in a closed private session, no assistants, no phones, no lobbyists, no outside influence.  Their task is to write a new constitution based on principles that make sense today.  The resulting document would need to have 100% approval, be automatically signed into law and take effect on the first day of the following year.
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US Constitution: Would it make sense to scrap the US Constitution and rewrite a document more in touch with modern-day America?

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