Step 1: Check whether the verb after "can" needs an object. Here "the standard of living" is a direct object, so the verb must be transitive. Step 2: "Rise" never takes an object, since things rise by themselves, while "raise" is used to lift or increase something else. Step 3: Modal verbs like "can" are always followed by the base form, which rules out "raised" and "raising." Step 4: The correct word is "raise." \[\boxed{\text{Raise}}\]