I actually sort of did this. I graduated in 2005 with a BS in biochemistry. I had trouble finding a job in my field where I live (at the time I didn't want to move away). So after a year working odd jobs I went to grad school. I was going to go to grad school anyways, I just wanted to work a while and not be in school for a while.

Now I'm almost done with my master's in biochemistry. I was planning on working for a couple of years in industry and then go get my PhD, but with the things currently the way they are, I'm contemplating just going right back into school for my PhD.

I don't think its a bad idea. As you say , you'll graduate with a higher degree and have more earning power. And plus, pretty much any decent grad school has good student support. i.e. you can be a TA or RA and get a stipend, many also pay for graduate tuition through endowments. So for many fields, its easier to get through grad school w/o going into as much debt as undergraduate.