This song celebrates the benefits that come to a righteous soul that walks in God's ways. And a godly person can handle bad news. I think it is important to realize that the text does NOT say that a good person never has bad news come into his or her life. On the contrary, it seems to imply that bad news comes at times to good people. They just handle it better.
Instead of fear, a righteous person responds with firm faith, trusting God in difficult times. That is the big difference. Bad news may come, but God does not change! Faith in God will carry the good man through bad times.
Now, on "Good Friday" I remember the bad things that happened to Jesus. He suffered and died for my sins. He endured the cross, despising its shame for my sin because it was a "joy set before Him" to bring many sons to glory! What started out as "bad news" in the death of Christ is now very much "good news" in the gospel. He is the only hope for mankind. No other way to the Father exists except by Him. Easter is coming, and life will be secured in a resurrection. My heart is firm, trusting in The Lord.