Etymology
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merry-go-round (n.)

"a revolving machine consisting of wooden horses or seats mounted on a circular platform," 1729, from merry (adj.) + go-round. Figurative use by 1838. Merry-totter (mid-15c.) was a Middle English name for a swing or see-saw. Also compare merry-go-down "strong ale" (c. 1500); merry-go-sorry "a mix of joy and sorrow" (1590s).

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Definitions of merry-go-round

merry-go-round (n.)
a never-ending cycle of activities and events (especially when they seem to have little purpose);
if we lose the election the whole legislative merry-go-round will have to start over
merry-go-round (n.)
a large, rotating machine with seats for children to ride or amusement;
From wordnet.princeton.edu