True. But the government never had a means to get the entire history of the bulk of your conversations. They could only install a wiretap after they suspected you of some crime, and even then it was a tedious process for them. Reading digital data is not tedious, it's instant. On balance, the idea of guaranteeing warranted access to encrypted data is a bad idea because it makes us less safe overall.
We put copies of everything into our phones these days. These are new powers that the government started to acquire when we all increased our PC and smart phone usage. We increased usage because we trusted the security systems designed by private companies. I did not start buying things online or banking online because the government kept those computer systems secure. I did it because the tech companies keep them secure. Data breaches cause customers to flee.
Tech companies have always been in an arms race against hackers and if we handcuff them in this manner they will not be able to fix weaknesses in their software as quickly as they do today. By definition of guaranteeing access to encrypted data, they will be required to maintain such weaknesses. It'd be catastrophic for our tech industry and my future as a software engineer.