We got a huge tax under President Bush

He might say he is against taxes, that John Kerry was a tax and spend guy but the Bush administration did spend very well and did tax very well with the hidden tax of inflation.

But of course, anyone protecting themselves with any assets such as real estate, that is benefitting from this got it well while it was going. But commodity inflation is another thing...

hot potato dollars

One of the primary purpose of money is to facilitate exchange of goods and services by placing a value on them using that money as a unit of value. True money, like gold and silver, is also a store of value in addition to being a measurement unit. Currency is only used as a measurement unit - within a respectable time frame where its length is based on the actual inflation rate.

So, this last statement brings the point of the hot potato dollar. As long as we have debasement of a currency, either slowly (say 2% per year) or strong, any individual must find a way to sell those dollars and buying any other form of asset (stocks, bonds which brings interest, CD, real estate) otherwise this person will see the purchasing power vanishing at that rate.
When the inflation becomes high, you've hit a condition that can be described as a hot potato that nobody wants to keep long in their hands. Seeing it as a hot potato actually describes well an hyper inflation environment but if you put it on slow motion, it describes any fiat money condition.