My interpretation and cover of this song is that this is a tribute to that special someone in your life. It is an admission that life would be so different without him. What would I do without her? I’d flounder. This is not discounting God’s grace and provision. Rather it says that apart from God’s grace, life would be empty without you! You are that special. Dedicated to Debbie.
sonpano [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons