The problem isn't the non-existence of a social safety net per se, the problem is our taxation rate is as high as countries with a functional social safety net, but we don't actually receive those services.
Both the US and European models are valid IMO. But in Canada we get the worst of both.
Americans on average make nearly 60% more than Canadians right now, not including the massive difference in taxation (you hit like 40% total tax rate at like $70k USD in Canada).
Keep in mind when you google Canadian tax rates, you see the federal rate. The provincial rate is another 10-15% on top, plus sales taxes which can total over 10%.
Both the US and European models are valid IMO. But in Canada we get the worst of both.