there is a humanitarian case to be made for improved quality of life for elderly people, but I can't imagine that there is a reasonable economic case to be made for it, unless you're arguing that the elder-care industry is just an elaborate substitution for more traditional methods (inheritance and taxation) of redistributing the accumulated wealth of the elderly. aside from that, it strikes me as spiritually corrosive to set up a society in which the young are caring for the old simply so they can pay their rent. this is a kind of gerontocracy.
It seems to me that what is needed is alternative industries that are booming because they create new economic opportunities in a generative fashion. an industry that is booming because the core economic and social dynamics of our society have gotten out-of-whack is not really much of a solid future for people facing job displacement.