I'm not a privacy hardliner, and I think the socially acceptable tradeoff between privacy and security have been well established before the computer era - if the police has a well-enough established suspicion against you - they can get a warrant and search your home. That's due process.
I would accept if there was a digital version of that which targeted not the encryption itself (which could be as strong as possible) - but the endpoints, like smartphones and computers.
Let's say police had a device which they could plug into your phone, which would send a specially signed message - a digital warrant, containing all the info a real warrant would - which be permanently be burned into the ROM of your phone, after which the phone would surrender its encryption keys, and the police could dump your unencrypted disk.
The phone would be then presented as evidence at the trial, and not following due process would be a cause for mistrial, no matter what they find there.
The general public would be safe in the knowledge that as long as the police isn't hauling them in, their secrets are safe, and the government would get the tools for what they claimed they wanted - a way to catch bad guys with digital tools.