| Resumo: | We identify the factors that explained the changes in the economic welfare of households in Argentina during the COVID-19 pandemic (2019-2020) and the reactivation stage (2020-2021 and 2021-2022). A decomposition model of the change in household per capita income is used, distinguishing macro-social processes (related to the forms of retribution by markets and social policies) and micro-social processes (labor and demographic strategies). Panel data from the Argentine Social Debt Survey of the Argentine Catholic University are used. The results show that the loss of welfare during the pandemic was due to the reduction in labor income and the loss of recipients, barely cushioned by social policy. In the recovery, households increased their number of labor recipients, but the insufficient recovery of labor income and the withdrawal of social assistance programs had a negative influence on the reproductive balance.
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