Socialist symbol Gerald Ford at the outset smashed (3,4)
I believe the answer is:
red flag
'socialist symbol' is the definition.
(flag of socialism)
'gerald ford at the outset smashed' is the wordplay.
'at the outset' says to take the initial letters.
'smashed' indicates an anagram.
The initial letter of 'ford' is 'f'.
'gerald'+'f'='geraldf'
'geraldf' is an anagram of 'RED FLAG'.
(Other definitions for red flag that I've seen before include "Warning to stop" , "Sign of danger - sign of socialism" , "Danger signal - keep it flying high!" , "Communist banner" , "That should make you careful!" .)