"I jokingly refer to the word "gourmet" as the "g" word"

In this quote, Arthur Schwartz is making a joke about the word "premium". He is suggesting that the word is so pompous and overused that it has ended up being a taboo word. He is poking fun at the idea that some people take food too seriously and utilize the word "gourmet" to explain food that is not always remarkable. He is also recommending that the word has ended up being so commonplace that it has actually lost its meaning. By describing it as the "g" word, he is suggesting that it is a word that needs to not be taken too seriously. This quote is a humorous way of pointing out the overuse of the word "premium" and how it has actually ended up being a little bit of a joke.