There are two problems with this analysis. The first is that the Constitution is not a "contract" with which Americans "collectively bargained away" anything, because modern Americans were not alive at the alleged time of bargaining away things, and being alive is a prerequisite for making a contract. To believe in constitutionalism is essentially to not believe in governance by the consent of the governed.
The other problem is that even if it was a contract, we seem to ignore it, because we pass the laws described in the article. So it's not a very effective system.