No, it's not time to get rid of the EC. As mentioned by Nick and others, the EC puts balance in the system. Without the EC, a few populous states would rule national politics, neutralizing the political intent of less populated states.

Dan said it best, the Ds need to run a better candidate. As it is, the Rs bad candidate beat the Ds bad candidate, something both parties might be well served to ponder for a while.

Sg