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There is enormous demand in the private sector for quantitative skills consistent with attainment of an MA in Economics. With the exception of a very small group of employers who are looking for people with skills and knowledge of economics consistent with a Ph.D., no one is going to see an M.A. in Econ as a negative asset in the job market. And earning a master's will certainly not lower(!) your earning power. That's complete nonsense and isn't even remotely believable. Don't listen to this guy -- he's letting his personal bias get in the way of giving you an informed opinion.
It's up to you whether or not a Ph.D. program is right for you. But you should not believe that you will not be marketable without a Ph.D.
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