To hear administration officials and their supporters in the press tell it, this is a great time for Obamacare. People who signed up for coverage are actually paying for it; more insurance companies are joining exchanges; some consumers have more choices than originally envisioned. “The news surrounding the Affordable Care Act has been so good this week, it’s almost hard to know where to start,” wrote MSNBC‘s Steve Benen in a recent post headlined “Everything’s Coming Up Aces for the ACA.”

Not so fast. Yes, Obamacare is a big help for those now receiving something substantial from the government — large subsidies for the lowest-income Americans who purchase coverage on the exchanges, free health care for people eligible for the expanded Medicaid program.