We all have been blessed by God in so many different ways, which is especially great because we don’t really deserve it. This is why we should praise him enthusiastically and always. I think that this is what this Psalm is trying to point out – recognize God’s power and grace and praise him for them.
There were a few verses that I found particularly interesting – verses 10 through 12:
10 For you, God, tested us;
you refined us like silver.
11 You brought us into prison
and laid burdens on our backs.
12 You let people ride over our heads;
we went through fire and water,
but you brought us to a place of abundance.
God doesn’t promise us an easy life, and when things get hard the tendency may be to forget about how much we are loved or even reject God altogether. However, when life isn’t going well, this is the exact time when we should be praising God because he could be using life’s bad experiences to mold us or shape us.