I've always had a problem with songs like this because they tacitly/unintentionally imply that people who are going through such trials do not have anything for which to praise God.
These songs neglect (and I must add that I do not believe it to be intentional...although in the case that it proceeds from prosperity theology, it probably is) texts like john 16:33:
I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world.
Not only is the believer promised trials, but I would argue alongside pastor Eric Mason when he says that trials are the primary means that God employs to accomplish his will (sanctification 1thess4:3). in the lives of believers.
Eric Mason: Sanctification through suffering