Imagine how upset we'd be if a nuclear weapon exploded in the US. The devastation of a nuclear explosion in a large city would make September 11th look like child's play and the draconian response following the attack would make the PATRIOT Act look the same. I'm not supporting the NSA, but I'm not condemning them yet, either.
Given that current encryption will someday be broken by quantum computers, all the companies who have copies of your encrypted data will have access to a massive backlog of your personal information. This includes the torrent of encrypted wifi data which exists in almost every household in America. Therefore, encryption is temporary privacy, wouldn't you say?