The "care crisis" has been a recurrent theme in feminist debates and research. The care deficit is particularly severe is the ageing societies of Southern Europe. In Spain, familialism prevails in eldercare. This implies a permanent trust on the family, and its gender structure as provider of help and support. At the same time, studies show that migrant domestic workers increasingly meet the care needs of older dependent people. This article argues that as long as women, natives and migrants, fill the gaps in welfare provision, the recognition of caregiving work - and the redistribution of resources and responsibility for care - are vital issues for feminist research. By means a discourse-oriented policy analysis this article examines key policy texts related to dependent care and household employment as well as austerity measures that affect social policy. The article highlights that public policy has an important role in constructing caregiving work. Public policy shapes the positions of caregivers and care workers, the valuation of their work, and their status as workers and carers. While family carers and domestic workers are constructed very differently, two categories of carers have in common that they perform undervalued work.