The argument here is extremely simple. Encryption is the only way to secure information. This is true for criminals and non-criminals alike. To deny encryption is to deny security to everyone. Presuming it's the criminals who will look to exploit these vulnerabilities, denying security is making every non-criminal susceptible to attack. So the only question that needs to be answered is this. Do we want to protect our…
But how do you design a strong encryption algorithm that can be trivially unlocked once a warrant is provided? Answer: you can’t.
No, it is incredibly simple. You have a master key and the government holds this key on a secure audited system which can only be used to unlock a device once a court order is granted.
The government's security for the master key will certainly be much better than the average user's password security so this will not decrease the average user's security in the least.
You would also make the master keys expire regularly (maybe daily) so as long as a user updates their phone they will get updated with the new keys to protect against a leaked key.