In this passage, the Psalmist praises the LORD for the blessings which God has already bestowed upon him – and upon all of us.
He marvels at God’s mindfulness toward man and that he has given us dominion over the earth and all the creatures in it for our benefit.
Moreover, the Lord has crowned mankind with ‘glory and honor’ and given us a position only ‘a little lower than the angels’.
With all the blessings that are given to us each and every day, we can heartily agree with the verse found at the end of this passage in Psalm 8:9:
“O Lord our Lord, how excellent is thy name in all the earth!”