The debate is, more or less, as stated in the OP.
1.) Is there a “white privilege”? That is, are there a set of benefits that accrue to white Americans by virtue of their race alone?
2.) If so, what is the nature of the white privilege? What benefits does it confer, and what impact does these benefits have upon those who hold them?
3.) If there is a white privilege, what public policies are best suited to its elimination?
I’ll kick things off by giving my own answers - but, before I do, a reminder: I know this is a charged topic, but this isn’t the Pit, folks. There will certainly be vociferous disagreement in this thread (assuming it doesn’t sink to the bottom of the page) - but let’s assume that everyone is posting in good faith. It’s usually true, and rarely useful to respond when it isn’t.
That being said, I’ll get to it:
I think there is a very weak white privilege as such, but that white Americans are also far likelier to enjoy class privilege - and class privilege is very strong. I don’t derive any tremendous benefits from being white as such - we’ve got racism fairly well licked in this country. But it would be disingenuous to claim that racism has been entirely beaten, and I probably do enjoy some fairly modest benefit simply from being white. Perhaps it’s improved my odds slightly on a job interview. Maybe I found it easier to get directions from a passer-by late at night who would have kept on walking past a black man. It’s mild, but it’s there.
The real benefit (or “privilege”) conferred by being a white American, though, is that it makes it far likelier that one will have been born into the middle class. The historical reasons for this are ugly and well-understood - suffice to say that most non-whites didn’t enjoy the benefits of living in a real democracy until the 1960s or 70s. My family has been composed of middle-class, college-educated professionals for at least three generations. This made it far easier for me to become a college-educated (and law school educated) professional myself. My family had the resources to support me financially while I was in school, and encouraged me to go. It would have been far harder for a black family in the Jim Crow south to enter the middle class or establish a tradition of college education - and that would have made it harder for a kid from that family, even one born in the 80s, to eventually go to college himself.
The thing is, though, that the meat of my advantage of class-based, not race-based. If I’d been born in a white family barely subsisting at the poverty level, with nary a college degree to be found, it would have been extremely difficult for me to go to college myself. And, to be frank, I can’t see how the black kids I went to school with from middle-class, college-educated families had a set of advantages or disadvantages substantially different from what I enjoyed. Their parents could afford to send them to school, encouraged them to go, etc - just like mine.
It’s class that confers real privilege, or the lack of it - not race. A middle-class white or black or Asian or (American) Indian family is going to give its kids a whole lot of advantages. Conversely, a poor white family isn’t going to set its kids in significantly better stead than anyone else.
To me, then, the reason that someone comes from a lower-income family is irrelevant - whether it’s because their family was discriminated against for generations or because their parents lost the family fortune in Vegas. For the kid born to poverty, the experience will be largely the same regardless of race. And the proper public policy is that which combats the disadvantages of falling below the middle class, regardless of race.
So, I’m a huge fan of need-based financial aid programs for education. And I’m decidedly lukewarm on affirmative action - I believe it’s necessary to combat vestigial racism, but should be used sparingly, and not as a substitute for general anti-poverty and education programs open to all.