Photoshop Elements is a light-weight blend of Photoshop and Lightroom. It's more for managing photo collections, tweaking things like exposure and contrast, removing red eyes, etc.
If you want a sub-$100 Photoshop replacement, I'd go for Pixelmator. It's really affordable, and provides the functionality that most users need.
If you want a sub-$100 Photoshop replacement, I'd go for Pixelmator. It's really affordable, and provides the functionality that most users need.