One of the mysteries of the English language finally explained.
1with object Business (chiefly Canadian). To downgrade (an employee, a job, etc.) while freezing the rate of pay; to freeze (the salary) of an employee whose job has been downgraded.
2with object To select or mark (a person or thing) as if by circling it in red ink on a page or list.
1950s. From red + circle.
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