Which should I teach--elementary school or secondary social studies?

[Up]

Yes, the social studies market is saturated at the moment. The big areas are math, science, ESL, and special ed.

In addition, finding a regular teaching job with a master's might be hard to find because schools wouldn't want to pay their employees more than they have to (higher degree = higher salary).

Another thing to consider is that if you decide to go into elementary teaching, you would be certified to teach from K-6 or K-8, and with this market especially, it'll be hard for you to choose to teach in only the upper grades. You might very well end up teaching the lower grades. So if you have a strong preference for older students, you might want to stick with secondary education.