Time?

I was so upset yesterday. The anniversary of 9 11 was bad enough but then I did not get the promotion that everyone including my bosses told me I would get. I did get a pay raise of a whole .50 gee can you spare it? I seriously think it is time to start searching for another job. It is obvious to me that I am being taken for granted and am not being compensated for me work. I am worth so much more and it really hurts me that they are not acknowledging it. I almost want to write a letter to the GM but am afraid of getting fired. Any thoughts on what if anything I can do to try and get a better raise?