In older versions of Windows, the text color was immediately controlled by the desktop background color--meaning that even if you were running a white wallpaper, the OS looked at what color you set the desktop background. If the background color was white, you text would be black. If the background was black, the text would be white, regardless of your wallpaper color.
Since XP, Windows has implimented text shadows as the contrast method. You can no longer manually over-ride the text color by changing the background color. You can still alter the text color through regedits or third party utilizes (WindowBlinds is one such tool, but there are much more simple utilities out on the net that just address the icon text color), but I am not aware of a built in way to fix that issue. Would be interested if anyone else knows.