Is a bachelor's degree not enough anymore?

I really hate how this works. I read that the bachelor’s degree is now way too common so you have to set yourself apart by getting a higher degree like a master’s. Okay, so what happens if everyone starts getting a master’s degree…go on to get a PhD? After everyone starts getting a PhD then what??

Back then high school diplomas were good enough, and people started to separate themselves with higher degrees so it just keeps getting higher and higher over the years. More money spent on universities going broke.