Absolutely. There should either be a set amount for each candidate that comes from public funds, or stricter limits on contributions to candidates, parties, and outside spending by PACs and other such organizations. As the answer to this question shows, and as general public polls show, most US citizens favor greater limits. Unfortunately, the trend in legislation and Court rulings has gone the other way.
The Supreme Court decision in Citizens United vs, the FEC opened up virtually unlimited spending by wealthy individuals, corporations, unions and other legal entities. The ruling reversed a century of precedents on the issue.
That voters have not forced their representatives to examine all legal options to counter the ruling, including a constitutional amendment, is a tragedy and an indictment on the both the voters and their representatives.