(CNN) Some Democrats believe former New York City Mayor and billionaire Mike Bloomberg is the party's moderate savior: a New York businessman well-positioned to take on and defeat Trump, also a former New York businessman -- and a dangerous and unchecked would-be dictator sitting in the White House. However, Democrats are mistaken if they believe the best way to stand up to Trump -- an oligarch who now effectively owns the GOP -- is a matchup with another billionaire able to drown out his opponents through ad spending. The concept of a Bloomberg candidacy provides the best evidence of the damaging influence of money in politics, and the need for America to publicly fund its elections.

It's not a stretch to say that when it comes to the role of wealth in determining the elections, the contrast between Bloomberg and Bernie Sanders is one with moral stakes. Bloomberg, who is worth $64 billion according to Forbes, benefited from a DNC rule change eliminating individual donor requirements to participate in debates. That rule change came as the Democratic field began to narrow and candidates began to bow out of the race. With elections kicking off in various states, the DNC stated that donations were no longer necessary to gauge public support for candidates.

Meanwhile, Bloomberg has faced allegations that he bought his way on to stage in Las Vegas ahead of the Nevada caucus, donating over $300,000 to the DNC five days before he entered the race in November. During the 2018 midterms he donated $100 million to Democratic House races, and gave $10 million to 2020 Congressional contests. And now, Bloomberg the presidential candidate has spent $129 million on ads in the Super Tuesday primary states. No other Democratic candidate is within $100 million of his tally and there's no likely end in sight to his spending. Bloomberg has also spent millions on hiring thousands of staff and crowding out the market so much so that other campaigns and organizations are having difficulty hiring new people.

Presumably, part of the allure of a Bloomberg candidacy is that a billionaire cannot be bought. However, as one of the wealthiest people in the world, he can buy support. He's able to overwhelm the opposition and create grassroots appeal through his charitable causes and giving. Bloomberg has received a host of endorsements from black mayors and lawmakers, including those whose cities and jurisdictions have benefited from his largesse. For example, Washington Mayor Muriel Bowser endorsed Bloomberg, whose philanthropy arm, in partnership with another foundation, donated $4 million to the city's public schools. Bowser told the New Yorker that Bloomberg's was an "important investment ... But DC taxpayers have made the biggest investments in transforming our schools."

Mike Bloomberg has given to worthy liberal causes such as gun control, climate change and women's reproductive health, thus fostering the goodwill that often accompanies philanthropy. Nevertheless, by throwing money around, an "incorruptible" politician, as Bloomberg bills himself, may be damaging the political process. Writing checks for political gain and as a personal investment, his generosity has, at times, appeared attached to receiving something in return, whether that's control, more money or more power. For example, in his run for a third term for mayor of New York, Bloomberg contributed $1 million to Abyssinian Development Corporation, the development corporation of the Abyssinian Baptist Church in Harlem. Rev. Calvin O. Butts III, the prominent pastor of Abyssinian and a friend of Bloomberg's black rival William C. Thompson Jr., subsequently endorsed Bloomberg. Butts later denied that the donation influenced his endorsement.

Bloomberg, if elected, could pay up to $3.5 billion less under his wealth tax, according to a study by CBS, than he would under the proposed plans of his rivals Bernie Sanders and Elizabeth Warren. This, at a time when income inequality is at a five-decade high, when some billionaires, corporations and Wall Street-friendly elements in both parties hope to stop the rise of so-called "socialist" candidates and their policies. In reality, these policies amount to New Deal-style efforts to rein in Wall Street and predatory capitalism, and redistribute economic power in the US.

Meanwhile, there's an uptick in talk of Bloomberg being the most "electable" moderate, as recent polls show Sanders surging as a frontrunner. As if to acknowledge the shifting realities of the Democratic Party and the nation, even Bloomberg has a proposal to regulate Wall Street and a multi-trillion dollar plan to tax the wealthy and corporations.

His support for issues that appeal to Democrats notwithstanding, Bloomberg's record on various issues is problematic and should render him unelectable. His tenure as New York City mayor is rife with examples, including his stop-and-frisk policy and denigrating statements on young men of color -- for which he has now apologized -- police surveillance and infiltration of Muslim communities -- on which he has yet to comment -- as well as the implication that lending to people of color in red-lined neighborhoods contributed to the financial crisis of 2008 -- which his campaign has explained as his meaning that "something bad -- the financial crisis -- followed something good, which is the fight against redlining." Not to mention allegations of sexism and sexual harassment, including claims that Bloomberg told one female employee to find "some Black" for a nanny, and a pregnant employee to "kill it." In response to recent CNN reporting, Bloomberg through representatives has denied making the "kill it" comment; he has also acknowledged making comments that do not align with his values.

In addition, Bloomberg has supported conservative politicians who oppose the interests of the Democratic base he hopes to lead. In 2012, he endorsed and held a fundraiser for Scott Brown in his failed Senate race against Elizabeth Warren. In 2014, the Republican-turned-Democrat gave $250,000 to the super PAC supporting Sen. Lindsey Graham, and $3 million to Michigan Gov. Rick Snyder. Bloomberg donated $10 million to Pennsylvania Sen. Pat Toomey in 2016. In 2018, he held a fundraiser for Rep. Peter King of New York. The former Republican also endorsed George W. Bush in 2004, and wrote checks for Sen. John McCain and Trump defender Sen. Orrin Hatch.

The US has seen the rise of the most corrupt administration in its history under Trump -- and a Republican Party ruled by self-dealers, plutocrats and grifters who do not reflect the popular will. This is a symptom of legalized bribery and unlimited money in our politics -- a disease to democracy.

The results of the Citizens United decision have demonstrated that unlimited money in campaigns is a corrupting influence across parties, and magnifies the votes of the rich. For that reason, Citizens United must be overturned, and America must demand public financing of elections.

Republicans made their deal with the devil, for the sake of tax cuts for the wealthiest among us, a takeover of the federal judiciary with judges whose ranks include those who will outlaw abortion and civil rights and, presumably, make America great again.

Meanwhile, the Democrats threaten to undermine their own anti-corruption stance if they, like the GOP, would have an oligarch control their party. Bloomberg's money does not make his problems go away.

This commentary was originally published by CNN.com