You bring up a good point over the devaluation of the BA/BS degree....and now people are "overqualified" for their jobs. I applied for a part-time job at a university as an administrative assistant type role, something that the only requirement listed was "high school diploma", and I had my BA at the time....the job ended up going to someone with a Master's degree. The entry level degrees are now moving up (DPT anyone?), because everyone is getting a Bachelors and is fighting for jobs to pay back their loan debt. Yes, more people getting educated is good, but not every 18-year old entering college understands that it isn't free money and has to be paid back. The debt is also why a lot of college grads are turning into boomerangs and moving back in with their parents, myself included. While I'm saving for grad school and working a basically just over minimum wage job, I'm living at home because I can't afford rent unless I want to spend my life savings on it, which I don't.
The only place I haven't seen Masters degrees winning out over BA/BS is in public schools, because those with a Master's are more expensive than those with a Bachelor's. In public schools they still have to pay someone with a higher degree more, so given the choice between 2 first year teachers, one with an MS and one with a BS, the BS will get it. But in other jobs, they aren't necessarily required to pay someone with a higher degree a higher salary, so they'll take the person with more education (all other things being equal, of course).