LM Blast is a great 40$ multitool, Leatherman is THE ONLY multitool you should ever carry. (Gerber tool fans can challenge me on this over email.)You can Find lots of Cheap knives (price not quality) at www.cheaperthandirt.com or www.4lessdepot.com.
Hope this helps.

Adventureboy

Current dress code at work precludes carrying a knife of this type. My current EDC (I guess you could say this is an Urban EDC) knife is an SAK, Boyscout Huntsman with red handles. But not the knife type that is the premise of your thread. I never really got into the large folding single bladed tactical knives scene. I do like the medium Cold Steel Voyager and Columbia River's line of large folders but, I think, they violate one of your requirements (neither model is made in the US). The RSK Mk 1 also looks very good but alas, violates another of your requirements (over $50). Whatever you pick I would avoid serrations as a plain edge is easier to maintain in the bush. Just my $.02 and sounds like you already made your choice anyway. Let us know how it works out. Doubt you will find anyone here that doesn't have an opinion on knives though.

As a contractor in Afghanistan my EDC is a Leatherman Skeletool. Its slim compact design marries the features of both the one hand folder and multi-tool. My only gripe is the factory edge on the main blade is crap, but a few hours on a white Arkansas stone cured that.

Cheers,
W-W

Bad news to report, I'm afraid.

Following the discussion in this thread I purchased a Spyderco Dragonfly (FRN scales) with a plain edge. I was very happy with it's ergonomics and sharpness right out of the box, but a little skeptical of the plastic belt clip molded into the handle.

Well, my skepticism has been well-founded as the plastic clip broke off after a month of light use and everyday carry. I wear a suit and work in an office most days, so I haven't exactly been putting it to the test. I cut off the broken stub of the clip and sanded it down so it wouldn't snag in my pocket.

I have contacted Spyderco about next steps and the possibility of upgrading to a model with a steel clip, I'll let you know what they say.

Cheers,

Matthew

I thought I was late to this thread but your recent set back may have reopened your search.

Check out the new Buck Vantage series.
Made in the US, cheap, metal clip and larger blade than the Dragonfly.

You should also check out the SOG Twitch or Blink series. Aluminum handle, assisted opening, very slick. Those would be perfect for suit carry, maybe even as a billfold.

All of these are under $50.

Good news on the Spyderco knife issue.

I was worried at first because it took some time to reach anyone at Customer Service: I had a hard time getting a person on the phone when I called after my e-mail inquiry went unanswered for three days.

But when I did reach the representative, she was courteous and helpful.

After consulting a supervisor, she agreed to give me a credit for the price of my knife to apply to a model with a metal clip, or no clip.

So, I'm out the shipping cost but I'll be able to upgrade to a hopefully sturdier knife.

Now, of course, I have to decide which one...again. ;-)

Unfortunately I don't think Spyderco has mastered making a strong plastic clip.

Their metal clips, though, work very well for me. My EDC for a long time has been a Byrd Meadowlark, and the clip is as strong and tight as the day I got it. I wear this knife clipped to my waistband behind my right front pocket, with most of the clip hidden by my belt. For an inexpensive EDC folder, it's hard for me to imagine beating the Meadowlark.

I am sorry to hear your clip broke on you so soon. I have never had any plastic clip knives because I have always been afraid of that happening. Also, with metal clips you can remove them if you want, plastic is forever (well, until if breaks!) And I'll state the obvious, at risk of making myself look dumb - make sure you carry it with the knife inside your pcoket and the clip hanging out - NOT the other way around with the clip inside your pocket and the knife hanging out. I've seen people do it the latter way (it doesn't work and you snag/break things).

Sigh. In California statutes and local ordinances make almost any knife is illegal to carry, regardless of type if it has a blade much over an inch long.

So far I have not been hassled when carrying knives camping, hiking, etcetera. Nor have small knives been confiscated when going through various security, though occasionally I have the choice of forfeiting the knife forever or heading back out the door [usually there is a check-in and get-back-on-your-way-out procedure].

My point: Check local knife carry law and local practices where you go often as part of your EDC decision.

Where in CA are you having carry issues? To which ordinances do you refer?