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'''Cost of living''' is the cost of maintaining a certain standard of living. The | '''Cost of living''' is the cost of maintaining a certain standard of living. The capitalist mode of production seeks to extract as much profit out of consumers as possible, which tends to result in rising costs of living. Socialism, on the other hand, is able to rationally reduce the cost of living to alleviate the burden on the wage-earning proletarian class.<ref>{{News citation|journalist=Dan O'Rourke|date=2022-02-08|title=Cost of living crisis caused by capitalist chaos|url=https://www.socialistparty.ie/2022/02/cost-of-living-crisis-caused-by-capitalist-chaos/|newspaper=Socialist Party (Ireland)}}</ref><ref>{{News citation|journalist=James Kilby|date=2022-02-03|title=Cost of living crisis: Fight inflation with socialist policies!|url=https://www.socialist.net/cost-of-living-crisis-fight-inflation-with-socialist-policies.htm|newspaper=[[Socialist Appeal]]}}</ref> | ||
In the socialist [[Union of Soviet Socialist Republics (1922–1991)|USSR]], rent was 5% of income on average, while in 2017 in the capitalist [[United Kingdom of Great Britain and Northern Ireland|UK]] rent was 52% of a person's income.<ref>{{News citation|date=2017-01-17|title=What can we learn from how the Soviet bloc tackled its housing crisis?|url=https://citymonitor.ai/environment/what-can-we-learn-how-soviet-bloc-tackled-its-housing-crisis-2709}}</ref> | In the socialist [[Union of Soviet Socialist Republics (1922–1991)|USSR]], rent was 5% of income on average, while in 2017 in the capitalist [[United Kingdom of Great Britain and Northern Ireland|UK]] rent was 52% of a person's income.<ref>{{News citation|date=2017-01-17|title=What can we learn from how the Soviet bloc tackled its housing crisis?|url=https://citymonitor.ai/environment/what-can-we-learn-how-soviet-bloc-tackled-its-housing-crisis-2709}}</ref> | ||