1 Blessed is the one whose transgression is forgiven, whose sin is covered.
“Blessed” – literally meaning “happy”, but the word is most clearly seen as “happiness derived from a divine source”. The word also carries a sense of congratulations, thus the first verse has the understanding of, “Congratulations to the one whose transgression is forgiven…”
The forgiving mercy of God is certainly one of life’s greatest prizes, because it is the only sure way to happiness.