My answer would be "no", although you'd be getting closer and might find a
model that normally retails for more on sale.
In the case of some printers, the more you spend on the initial purchase,
the cheaper (and/or longer lived) consumables become. I bought an HP
Photosmart C5180 printer for $159 and the consumables are cheap at $38 for
all six inks and 150 sheets of photo paper. They're also quite long lived.
All but my black cartridge are still "full" according to the internal web
server/printer software when queried.
I think you could get into a decent printer around the $70~$90 mark.
It depends on the definition of junk and decent. If you are looking for
good print quality there are printers capable of excellent text and photo
printing in that price range. If you are looking for low printing costs or
duty cycles of a thousand pages a month or more you will not likely be happy
with the $50 printers.
Why settle for OK. You can get a brand new Canon IP4300 for the same
price when on sale and that is usally most of the time. Be sure to
only use Canon ink.