I think that the bigger question here is, "Are you learning and growing at your current role?" If the answer is yes, and the projects you have been handed are fulfilling, then it is worthwhile to stay with your current firm and begin to take ownership of your career.
I would ask your supervisor for a time when you might formally sit down to review your performance and potential promotion. Continue to accept more duties in the meantime but keep a log of the added responsibilites for reference. Outline exactly what you are looking for in terms of a title change and salary increase. That way, you will have a date on the calendar for the discussion as well as talking points in writing for the future exchange. If you get overlooked, you arrange for another time to speak with him/her and monitor the situation.
It is a difficult market for most firms but there may still be potential for an increase which will provide you with the acknowledgement you deserve. Requesting a proper valuation from your Director is an move towards operating in a professional manner which will be respected even if the budget does not allow for a hefty increase.
If you do not forecast a long term growth strategy for your career with this employer, you may want to entertain spreading your wings and stretching yourself beyond the administrative function at another shop. Best way to see if there are openings and if you'd be qualified to perform other roles beyond the one that you are presently in, is to seek out others for exploratory conversations. Meet with recruiters and talk to your close friends and family about other opportunities.
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