No, it's not that simple. As briefly explained in Wiki....
Originally Posted by byronm
...all of the light element abundances depend on the amount of ordinary matter (baryons) relative to radiation (photons).
So, if I understand it correctly, the observed proportions of the primordial elements indicate how many baryons there should be. Apparently we didn't see that many. Now what we see is closer to what is expected.
For a classic exposition on this and other topics, check out The First Three Minutes by Weinberg.
Everyone is entitled to his own opinion, but not his own facts.