Spot on, David (and Jonah). And to quote myself:
It is, for starters, a divisive phrase, much more likely to hurt race relations than help them, as it lumps together all white people — many of whom cannot be considered “privileged” by any reasonable standard — and points an accusatory finger at them, asserting, “You don’t deserve what you have.” It is, at bottom, just another way of complaining about stereotyping, even though all racial groups — indeed, all groups, period — face stereotyping, some negative and some positive, and there’s nothing new or remarkable about it. It overstates the extent to which stereotyping occurs and the consequences it has. And, finally, playing this particular race card suggests that racial disparities — and, indeed, racial stereotyping — are due solely to racism simpliciter, and have nothing to do with culture and, in particular, cultural dysfunctions. It is, in other words, the “conversation on race” that we have come to expect from the left: All whites must accept blame for all disparities of any kind, and any suggestion that some non-whites have failed to act responsibly is blaming the victim.