I'd say there's a time and place for cheapest-possible, and for buy-it-for-life quality. I own a bunch of cheapest-possible tools that I bought when I was younger and poorer and just starting out on my own. The tools have been useful and allowed me to repair stuff around the house so they've definitely improved my life, but they won't last forever.

As they break or wear out over the years, I'm slowly replacing them with top-quality stuff. However, I would NOT have wanted to "buy it for life" when I was first starting out (even if I could've afforded it), because I didn't know my own long-term needs well enough to predict which tools I'd actually need and use often, and what features I'd want in them.

If you buy good quality stuff that's actually the wrong stuff for your needs ("why do I even own this band saw that I never use?"), it doesn't matter how good the quality is -- it's still wasteful. So I'd say there can be a time and place for the cheapest possible thing -- and hey, my $5 yard sale circular saw is still going strong after all these years, even if it makes a burning smell....