In my view, all this would do would reduce the already questionable value of a college degree. IF everyone has a Associates Degree, then companies would start asking for the Master's as the entry-level degree.
People with Masters degree have found out a long time ago it does not pay off. Its about talent and mastering whatever you do and doing something most people avoid. But a Masters is great if you also talented and do good work. A Masters is a good achievement anyway, Doctors too but will it pay off, does it matter? I think its great to get a masters or dr degrees but don't expect for it to pay off.