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Both Bush and now Obama have picked running mates that show no intention of running for president down the road. This is interesting to me because it shows how the vice presidency might be evolving.
For most of the past two centuries, the VP was just some local favorite son the party put on the ticket to appease an interest group or a geographic region. They were often old and often mediocre and few of them ran or were considered for the presidency themselves.
By the middle of the 20th century, however, the VP came to have some genuine political cache, even if it's policy significance remained small. Since 1948, nearly all running mates have been prominent people within the party who aspired to the presidency themselves. And nearly all vice presidents since Truman actually became president or were nominated for president -- the only exceptions were Spiro Agnew (who planned to run in '76 and might well have been the nominee had it not been for his indictment and resignation due to bribery charges) and Dan Quayle (famously dim). Truman, Johnson, Nixon, Ford and George H.W. Bush all became president. Hubert Humphrey, Walter Mondale and Al Gore were all nominated.
If it turns out that both Bush and Obama's VP's don't run, this hints at a new model: presidents picking vice presidents to be close members of their administration, loyal and capable of being a full participant in the government. Electoral concerns become secondary and perhaps far fewer VP's will actually run for president, since many of them may come to more closely resemble high-level cabinet picks -- people with expertise but often without presidential ambitions.
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