In the past: People have just been satisfied with getting a bachelor's as it seems like the most logical "step" after graduation. As one goes through University, it seems that everyone wants to strive for a Masters now (or at least in my area.) This is probably due to some jobs that require a Masters. But there are some people (again from my perspective) that see a Masters as how people in the past have seen a bachelor's degree. So now it seems that getting a Masters is seen as no big deal to some people and thus the Masters loses the "respect" that the degree has. If this trend continues, do you see a possibility of people acquiring at least one Ph.D is gonna be seen as the norm?
Well, for teachers, I think the trend is to get a master's degree in something that is related more towards pedagogical theory while their bachelor's is in the area of teaching. Many districts will subsidize a teacher's continuing education or at least increase their pay enough to make it significantly worth the time and effort. For other professions, I suppose it depends. There are some areas where there is academic credentialism in that one requires higher levels of formal education just to do a previous job that only required a high school diploma. There are less apprenticeships than before and employers are relying more on formal credentials than other forms of prerequisite screening. There is the belief that a college-educated person is more worthy than someone who is not and because more people are graduating with bachelor's degrees, employers have their choosing of talent and, when you can get a college grad for the same wage as a HS graduate, for them it's a no-brainer. Credentialism can lead to inflation and many jobs now require a masters degree (when a bachelor's with experience previously sufficed). That said, I don't foresee a future where the doctoral-level degree is sought by everyone because it does require a significant level of commitment and the cost-benefit analysis is not there for everyone. Plus, I think that the future will stem away from formal higher education and more towards on-the-job training, certificate-level courses, and other training programs that teach specific skills rather than the liberal arts education. We don't need a society where half the people get a bachelor's degree. We need a well-educated workforce that has varying levels of skills in various trades and occupations; we have been force-fed the ideal that college is the panacea for everything.