It’s official: President Biden broke his promise to cancel student loan debt, and he’s deflecting blame onto the Republicans and the Supreme Court.

Let’s first establish Biden did break his campaign promise. Biden at a Town Hall in Miami: “I’m going to eliminate your student debt if you come from a family [making less] than $125,000 and went to a public university.” Biden also said, “I’m going to make sure everyone gets $10,000 knocked off of their student debt.”

Why did Biden make this promise? It was to fulfill an agreement made to Bernie Sanders, who advocates canceling all student debt. Biden’s campaign promise helped him cinch the Democratic Party nomination and invigorated younger voters to come out and vote for him during the election. We don’t know if this promise was the deciding factor in Biden winning the presidency, but it sure looked like it helped bring out voters who sat out the 2016 election.

The troubling aspect of this promise is that Biden likely knew he would have trouble keeping it. Former House Speaker Nancy Pelosi said at a press briefing, “The president can’t do it.” “That’s not even a discussion.”

I also find it hard to believe Biden, a career politician, thought he could bypass this Supreme Court. As a US Senator, Biden voted against the nomination of Clarence Thomas, John Roberts, and Samuel Alito, three Bush-appointed Justices. Did he think the three Trump-appointed Justices would let his relief plan pass?

I doubt Biden was unaware of the slim probability of his plan passing. Now the millions of borrowers of federal student loans that trusted their president would come through for them are left with that feeling of being bled dry from a bloodsucking vampire.

This administration has misled millions of borrowers, and the blame should fall on Biden. Many of these borrowers need relief and have already allocated these funds towards other obligations like food and rent. The default blame from Democrats will go toward the Supreme Court. However, the court’s current makeup was a product of Barack Obama’s inability to fight Republicans.

The Democrats received a major political win when Antonin Scalia passed away during the end of Obama’s second term. Scalia was not even 80, and the Democrats were poised to swing the court left. Unfortunately, Obama’s terrible relationship with Republicans caused his nomination, Merrick Garland, to go un-nominated, allowing Trump to fill the vacancy. Republicans one-upped Obama where Republican Senate majority leader Mitch McConnell said, “One of my proudest moments was when I looked Barack Obama in the eye, and I said, ‘Mr. President, you will not fill the Supreme Court vacancy.'”

Obama’s second mistake was his failure to pressure Ruth Bader Ginsburg to retire during his two presidential terms. He never even formally asked. It ended up being a political misfire as RBG was an aging liberal Supreme Court justice with a health history of cancer. If Obama had succeeded, he could have brought in a young liberal judge on the bench for decades, allowing Democrats to have a say in the complexion of the court. Sadly RBG passed away, and Trump replaced her with Amy Coney Barrett, a significant coupe for Republicans.

The Supreme Court should have a 5-4 liberal-lean. Still, Obama refused to engage in hard-ball politics to fight the Republicans or convince a justice that shared his political ideology to retire. Obama had the opportunity to appoint Garland via an executive order called a recess appointment but failed even to try. This administration’s theme was one of capitulation and compromising to Republicans that took more than they gave. Because of these failures, it will likely leave the Supreme Court as a thorn towards liberals for the next few decades.

Joe Biden is a politician trying to win your vote for him and his party. The problem with politics is that most politicians don’t do enough to earn their worth in office. When the central theme of your messaging is that we’re not as bad as the other side, it produces lackluster and uninspiring results. Imagine going on a date, and your date’s main selling point is, “I’m not as bad as other guys/girls, you know.”

My message to borrowers affected by Biden’s lie is to accept what happened and take these student loans for what they are: a bad investment. Expecting the government to provide relief is ironic when the government is the biggest culprit for this student loan debt balloon.

In a situation like this, it could be helpful to remember the serenity prayer: “God grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.”

No Democrat or Republican will come on a white horse and save you. If you want a nest egg with a shot at retirement, you must rely on yourself. Taking action now is within one’s control. As an investor, I have made plenty of stupid mistakes. However, I am not expecting or asking the government to backstop my lousy investing decisions. I learn, move on and become a better investor. Wiping all or a portion of your student loans can help, but it isn’t a panacea solution to lift millions out of poverty.