Does "reverse racism" exist? If it does, is it a problem that needs fixing -- or is it a solution?

There is no question in the mind of any honest, reasonable person that discrimination exists at a structural level in the West. Racism, sexism, classism, homophobia, ageism, ableism, and a host of other bigotries assail us from all sides, often supported either tacitly or even openly (hello, Arizona!) by the State.

Given that such bigotry exists (and I’m not interested in the opinions of people who refuse to acknowledge that it exists or—worse—like that it exists), my question is, is so-called “reverse racism” a problem? Or is it a solution?

Take the following statement: Some people require extra rights because they are the targets of extra wrongs. Do you agree with this? If we acknowledge that, for example, women earn 70 cents for every dollar a man makes doing exactly the same work (this has been repeatedly verified), does it not make sense that to counter this, we should give all women a 30% bonus to their pay? We know that minorities are disproportionately targetted by police, and when they hit the courts, they are more often found guilty, and when found guilty they are sentenced to more time. In fact, some 40% of the US prison population is black, despite making up only 15% of the general population. (At current rates of incarneration, by the year 2020, two out of every three black males in the US will have spent time in the prison system.) Given that this is the case, should there not be “bonus” time added to the sentences of all white criminals to compensate for their easier ride?

To me, it simply makes logical sense that we should try to balance things out for the sake of fairness, and I say this as a white male who is perfectly aware of the unjust privilege I enjoy in our society as a result.

What do other folks think? If you disagree, please try to remain polite and construct an actual argument to convince me.