As Christians we are under new management. We were under Adam and the covenant of works. Now, we are under Christ and the covenant of grace. We have new status, new life and we are a new person. But sin is lurking.
In this psalm, the psalmist is looking back to God’s compassion and power in his life. It is often used by believers to praise God for recovery from sickness, birth of a child, celebration of the Lord’s supper, thankfulness for salvation and rescue from serious situations.