There is a difference between cheap and inexpensive.
And that difference is?
Up to the 90's, it seemed that there there were, in general, four tiers of tools. Cheap crap – sockets made of soft iron that would just deform, screwdrivers that would twist off, etc. Usually made in an underdeveloped country of the time period. For instance, old harbor freight stuff. Inexpensive off brand stuff (Husky, etc), which tended to be usable but more flimsily made then our third category; name brand consumer products. These tended to be pretty good and priced accordingly. Usually made in the US. Craftsman, etc. The final category being professional grade tools, which were very expensive but premium quality. Snap-on and the like.
Today, I don't see these differences. I find that the classic category of cheap tools are made with the same quality of metal and workmanship as the standard off brand "inexpensive" stuff. Name brand consumer stuff seems comparable to off brand; that's to say it's actually gotten worse and the price remains the same. (Compare a craftsman socket set from now to one made in the 50's. ) They do tend to have better finishing then inexpensive tools. (Plating, laser etching, cushy rubber handle, etc) Professional quality tools still stand out.
Seriously, compare a Pittsburgh ratchet and socket set with that of Husky, Craftsman and Snap-on. Compare a
Pittsburgh screwdriver with a
Kobalt,
Stanley and
Klein. I've owned all of them at various times. There's close to an order of magnitude difference in the price but not even close to that difference in quality/utility in my experience.