“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan Press On! has solved and always will solve the problems of the human race.” - Calvin Coolidge
This is clearly a political statement intended to get more people to contribute to the country's economy. It is, however, woefully wrong in the broader sense.
Persistence does matter, but it isn't "omnipotent". Persistence, like education, can and should be acquired. But without talent and intelligence (and curiosity, and honour, and truthfulness, and...), persistence alone will not suffice.