lol. Level your wizard. The survivability is not awful, not by a long shot. Even with glass cannon, 7K int + Ice shield so everything that hits you freezes everything else in the area + high damage + Blackhole CC or Teleport (or both!) + passives that can GREATLY increase your survivability if you need them = Wizards survive just fine. Most are CHOOSING to forego survivability, but that doesn't mean we don't have it.
Seriously, level your wizard to 70 and give it a week of hardcore gear grinding and top level gems, then come back and tell me they are paper cannons. Noone is saying its a Blizzard conspiracy, these balance issues happen at random.