Unlike most vice presidents, Cheney does not aspire to be president, and he is the consummate Bush loyalist. He would not be giving up a political birthright by agreeing to retire (citing health reasons or a concern about the publicity surrounding the trial of his former chief of staff, I. Lewis "Scooter" Libby). And the problem of taking sides in the 2008 election is easily solved. Bush could nominate as Cheney's successor an elder party statesman -- Bob Dole, anyone? -- with no interest in the 2008 nomination.
We even have an answer to the complaint that in jettisoning Cheney, Bush would be repudiating his own record. The truth is that the president, however grudgingly, has recognized that he and the administration made mistakes in the run-up to the war in Iraq and in its aftermath. He has not confessed that the invasion of Iraq was a mistake, but he has acknowledged with increasing explicitness that he was wrong to believe that Saddam Hussein harbored weapons of mass destruction.
No longer proclaiming "mission accomplished," Bush has been pursuing a sadder-but-wiser policy in Iraq that many Democrats also endorse. It involves ramping up the training of Iraqi troops to take over from U.S. forces while leaning on Iraq's feuding sects to join, however unenthusiastically, in a government of national unity.
Having changed his tune, the president should also think about changing the company he keeps -- big time, as Dick Cheney would say.