A couple of things could be the culprit. Number one would be, it needs a new belt. If left on the grinder, belts, especially lighter weight cloth-backed ones, will stretch and deform. This makes them wobble.
If it is an old belt period, it could be stretched and deformed, thus causing it to wobble. Again, replace the belt.
If it is a new, fresh belt that hasn't been sitting on the grinder, then you need more tension on the belt. The spring may need to be tightened.
Those are the first three off the top of my head. If none of these fix it then we'll have to delve deeper into the machine, such as the tracking, idler, or drive wheel.
One other quick tidbit, check to make sure the drive wheel is sitting flush with the arbor and that the set screw is nice and tight. Mine loosened a bit and started walking on the arbor, made the machine make a funny noise when it ran without any load on the belt.