There are jeers around the street for the old fools (7)
I believe the answer is:
jesters
'fools' is the definition.
('jester' can be a synonym of 'fool')
'there are jeers around the street for the old' is the wordplay.
I cannot really see how this works, but
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is present in the answer.
an anagram of 'jeers' is 'jeser' which is within the left over letters.
A single letter 's' remains which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Another definition for jesters that I've seen is " Jokers".)