I` m starting a Master's Degree at Rushmore on line University. I just wanted to know if I am wasting my time or is this degree going to be useful . i.e. is it recognized and Accredited , I'm not sure if employers would accept this degree or not?

Well one never wastes time learning, but the degrees are not accredited and will not be accepted for things like licensing. So a lot depends on what you expect to do with your degree.

There own web site shows they are not acccredited by any group reconised by the US Dept of Education
The Rushmore Story: Accreditation (http://www.rushmore.edu/TheRushmoreStory/Accreditation/tabid/68/Default.aspx)

Not recognized, not accredited. A diploma mill along the lines of a Rochville University / Warren National University / Breyer State University