In an effort to address severe budget deficits at both the state and local levels, schools and educational programs are being asked to trim budgets. The Advanced Placement Program is one program that will certainly be scrutinized. This article presents a general overview of AP social studies, a brief history of the AP social studies program, and observations and analysis of the program that may help in the decision-making process. In a period of severe budget cuts, will AP programs survive and if so who will be allowed or selected to participate? This question will force many school districts to choose between two fundamental values: merit (Jefferson's meritocracy) or equity (fulfillment of the American Dream).