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A Mexicant is a Mexican who doesn't have what it takes to do what he's got to do, but it's more of a humorous portmanteau than actual terminology.
or a Mexican who cant run, jump, or swim, basically anyone still in Mexico
Mexican means you are supposed to be able to do anything. Mexicant means that you are giving up on something. You are supposed to be able to do that because you are MexiCAN, not MexiCANT.