Good news of great postmillenial joy I bring, to you and all mankind
OK, it doesn’t fit the tune, but it does fit the sentiment.
Joel Green, NICNT Luke, page 137:
In the light of the cosmic scope of the Isaianic Messianic hope Luke keeps alluding to in chapter 2, and in the light of the references to Gentiles we’ve already had this far in Luke:
This means that the expression ‘those whom he favors’ cannot be limited in application to Israel only. Rather, shalom for Israel is tied up with shalom for the cosmos. Hence, although ‘whom he favors’ is an affirmation of gracious election on God’s part, that graciousness extends to humanity. It should not be read in an exclusive sense – that is, not peace only to a select group whom he favors – but in an inclusive way: In the birth of this child, God’s mercy has fallen on the world.