Discernment is very important and verses are not to be taken out of a larger context.
Psalm 82:6, “I have said, Ye are gods (H430); and all of you are children of the most High.”
H430, gods, gods in the ordinary sense; here specifically used in the plural thus, deference to magistrates.
Psalm 82:7, “But ye shall die like men, and fall like one of the princes.”
As an aside, the Mormon teaching of Eternal Progression, that a man can become a god, contradicts the clear teaching of Scripture that God has no beginning or end and that there is only one God. Psalm 90:2, “Before the mountains were brought forth, or ever thou hadst formed the earth and the world, even from everlasting to everlasting, thou art God. “
Joseph Smith is often credited with the quotation "As man is, God once was; as God is, man may become," however, it is not found in “The Book of Mormon.” Nevertheless, this profession of faith is found in other declarations including “Then shall they be gods, because they have no end; therefore shall they be from everlasting to everlasting, because they continue; then shall they be above all, because all things are subject unto them. Then shall they be gods, because they have all power, and the angels are subject unto them.” [Doctrine and Covenants 132:20]
I researched this Doctrine of Eternal Progression which is promoted through the twisting of specific scriptures such as John 10:34, “Jesus answered them, Is it not written in your law, I said, Ye are gods?” Jesus was quoting Psalm 82:6, “I have said, Ye are gods; and all of you are children of the most High.” They were called gods not because they were divine, rather because they represented God when they judged the people.
Digging a little deeper into Psalm 82:7, “But ye shall die like men, and fall (naphal) like one of the princes (sar).” The Hebrew verb naphal that is translated as "to fall" carries many meanings including cast down, cease, die. In this context, it means to die. The Hebrew noun masculine sar that is translated as "princes" means a ruler of some kind such as an official, captain or prince.
There is an implied warning to those who would abuse their authority through malfeasance while in office. One year of law school taught me the difference between malfeasance and nonfeasance in tort law. Malfeasance is an affirmative (intentional) act that is illegal or wrongful. A nonfeasance is a failure to act that is not intentional. Malfeasance carries a greater punishment.
Reading between the lines, have those in authority been guilty of graft, of corruption. Have the rich have been rewarded while the poor have been oppressed. Has someone put a thumb on the scales of justice? Now why do the names Clinton, Obama and Soros come to mind?
“Though exalted to heaven in privilege, they shall be cast down in punishment. The fact that God calls them gods and children of the Most High does not grant them immunity from judgment. They will be subject to the same treatment as other men, and fall like one of the princes. Actually, the degree of their punishment will be greater because of their greater privilege.”
[Believer’s Bible Commentary]
Again, discernment is important when searching scripture. Also, judges/ politicans, don't abuse your authority.