That's not to mention the business damage this would cause. The US is trying to block Huawei products due to back doors. Other countries will block US products if the US government starts requiring back doors.
This assumes you have to knock on 2^256 bricks and not just wiggle the mortar free in one spot. WEP wifi encryption is an example of an implementation failure vs. theoretical time to brute force the encryption.
No, and yes.
This is not cynicism speaking, this is realism. Basic principle of security is to make the cost of breaking the security greater than the value of what is being protected. In this case, the "backdoor" keys will be protecting many, many billions and probably trillions of dollars of worth of information. At that scale, a foreign (or domestic...) intelligence agency finding the n of m people necessary to get the key and making it clear that if they love their family, their personal well-being, or indeed, anything in the world at all, they will hand over the key information is completely on the table. It isn't even just that there isn't anyone who can't be trusted with the keys, there isn't anyone who can stand up to the pressure that can be brought to bear on them. Put the keys in the hands of the most honest person on Earth who literally can not be coerced into giving it up, and it just means their family is the walking dead until the agency finally gives up and murders our magically honest person, and the key falls to the next in line and they try again.
(Or, in other words, if this backdoor is created, and the people in charge of the backdoor and all their families are still alive in a year, yes, I would consider that proof positive it's already been compromised. The stakes are that high.)
These backdoors would literally be massively more valuable than the nuclear codes, which still require various physical access and other things to be penetrated to use them, whereas these will be immediately valuable simply upon possession. Even if we entirely ignore the question of internal trustworthiness of the holding organization, which we shouldn't, but even if we do, no conceivable organization consisting of conceivable human beings can possibly secure this information. It's just impossible.
(Also: Note the complete lack of reference to any technical considerations. It doesn't matter what the encryption algorithm is, or whether it's secure on its own terms, or whether the tech companies are being unpatriotic, or anything else. There is simply no way to secure any information this valuable.)
We simply can't let people legislate on issues they fundamentally don't understand. And understanding a backdoor is actually not that difficult - a smart, motivated person could literally learn the theory of this with some practical examples in a few hours of study.
I believe this is how Australia is going to have their backdoors.