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Swing and roundabout

Posted by Sphinx on February 15, 2004

"What one loses on the swings one gains on the roundabouts."

In this idiom, are "swing and roundabout" the playthings of children? roundabout = merry-go-round?

Then how did this idiom come about? Why with "swing and roundabout"?

BTW, do you know how did the word "seesaw" come about?
Why is it spelt this way?