Is it wise to further studies when economy's looking bad?

It is never unwise to add to your education. The more educated you are the more your time is worth, the more your time is worth the more you can get paid. The recession that may be lurking ahead might not be as bad as predicted (hard to tell at this point), but even if it is does do you think you would be more likely to hold your job with a Bachelor's Degree or with a Master's Degree? Go for the advanced education - its one thing no one can ever take away from you.