Not exactly. Yes, the disparity could be amplified due to population shifts between censuses, but that wasn't the case in the most recent presidential election. The states that went to Bush actually gained in electoral college votes since that election, so he would have had a more decisive win--yet he clearly lost the popular vote.

The disparity between the popular vote and the electoral college is mainly due to two things: (1) that each state recieves two extra votes not based upon population and (2) that most states have a winner-take-all system.

Point one makes it unlikely that any constitutional amendment to do away with the electoral college would pass: roughly half the states have (positive) disproportionate influence on the presidential election, so it would likely not be approved by the required 3/4 of the states. Point two makes it unlikely that either major political party would support an amendment, as the winner-takes-all system tends to nullify any minor political parties, as well as turning lackluster pluralities into majorities.