Psalm 30 thanks God (vv. 1-3, 11-12) and exhorts others to thank God (vv. 4-5). Both emerge from the concrete reality of David’s own experience. Here is what that experience looks like:

Step one: David was set on high and was flourishing at the hand of God’s bounty (v. 7a).
Step two: David became too self-confident (v. 6).
Step three: The Lord disciplined David for his pride (v. 7b).
Step four: David cried to the Lord and turned his heart away from pride (vv. 8-10).
Step five: The Lord answered David’s request and pleadings (vv. 11-12, back to vv 1-3).
The story is a common story; it is our story; it is Israel’s story; it is the story of Israel during the time of the judges; during the time of the kings and prophets; during the Exile and after the return; it is the story of the church in Acts. 
Humans beings can experience the blessing of God and flourish and will always face the temptation of self-confidence and pride; and God often reminds us of our pride and summons us to become faithful and trusting and we see all over again that we are creatures and God alone is God.

30:1 I will praise you, O Lord, for you lifted me up,

and did not allow my enemies to gloat over me.

30:2 O Lord my God,

I cried out to you and you healed me.

30:3 O Lord, you pulled me up from Sheol;

you rescued me from among those descending into the grave.

30:4 Sing to the Lord, you faithful followers of his;

give thanks to his holy name.

30:5 For his anger lasts only a brief moment,

and his good favor restores one’s life.

One may experience sorrow during the night,

but joy arrives in the morning.

30:6 In my self-confidence I said,

“I will never be upended.”

30:7 O Lord, in your good favor you made me secure.

Then you rejected me and I was terrified.

30:8 To you, O Lord, I cried out;

I begged the Lord for mercy:

30:9 “What profit is there in taking my life,

in my descending into the Pit?

Can the dust of the grave praise you?

Can it declare your loyalty?

30:10 Hear, O Lord, and have mercy on me!

Lord, deliver me!”

30:11 Then you turned my lament into dancing;

you removed my sackcloth and covered me with joy.

30:12 So now my heart will sing to you and not be silent;

Lord my God, I will always give thanks to you.

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