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It seems like the phrase which was used in the following sentence to mean 'to get rid of something' even though given the opposite definition which says it means 'to get something from somebody'

In this situation, monetarists believe that they only way to wring inflation and inflationary expectations out of the economy is to have the actual unemployment rate rise above the LSUR, and that means only one thing. Inducing a recession.

My comment:
I think this may not a phrase I thought but the word wring's usage became similar to the phrase because of the preposition 'out of' but actually it was meant that 'to get rid of' something by 'squeezing'.

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The word wring is actually not being used idiomatically here, but in one of its common verb forms:

  • to extract by forceful effort or means (often followed by out).

Think of a soaked towel wrung out in front of you: you're just subtracting liquid from the towel, not necessarily adding it to yourself.

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