That's where I suppose the US and EU truly differ. The US generally goes for the "the market will solve it" approach. If you're a bad employer, nobody wants to work there, the company goes down and the competition wins. It's a beautiful theory IMHO.
The EU approach is sort of the same, but to add regulation on top to steer the market towards specific goals, like having a strong middle class. If, for example, a company doesn't suffer from being nasty to their employees (e.g. because they're a monopolist), regulation will be put in place to create that dynamic. I personally find this approach more feasible, but regulation can be worked around and sometimes backfire, it's not easy to get right.
Back to your point: It comes down to how much you get paid. If you work full time and can't afford vacation or sickness, is that OK?
If you think that's OK, we just disagree I suppose. There's a power imbalance between employers and employees that favours the employers. They have more money, expertise, legal counsel, negotiation power etc. Given the chance, they will pay as little as they can for labour, crush competition etc. I don't believe that's good for a country in the long run.
If you think it's not OK, something has to happen. Paying people more so they can save up money to deal with this is one approach. Assuming the risk of them not working (with paid vacation and sick days) is another one. In the EU, we tend to go down the latter route. I guess you could see it as patronising, but there is beauty in sharing and distributing personal risks. I'm personally fine with both solutions. I'm running a consultancy right now, so I've decided to take the first route, assume and manage my own risks.