Stanza # 1
The first stanza of the song echoes the words of the Bible, telling us all to "rejoice in hope" (Romans 12:12). Even though we may not yet be all that we hope to be or have all that we hope to have, we are thankful for what we have already gained and achieved, in which we have evidence that that we are all moving in the right direction.
Stanza # 2
The second stanza also begins with a parallel found in Scripture (I Corinthians 10:13) which lets us know that yes, we have come through many hard and bitter trials, but every one of us has had to face trials and temptations in this life (so one should never feel "singled out", but our faith is and always has been in the One who has promised to take us THROUGH our trials and bring us out safely on the other side. While we hold high hopes for where we are going, we have a deep appreciation for where we are each time we remember from whence we've come.
Stanza # 3
Our country was founded on faith and belief in God our creator. It was that faith that kept our forefathers going through hard times that would make many of us today want to just curl up into a ball and die. If we are to survive and thrive, we will need to "hook in" to that same faith they had so we may be an example to our children as our forebears are to us.