<human>: Can you condense the text into three sentences or less?

Backstory:
I work in a production environment with one other person as the 'assistant.' The other person in the department was the 'manager.'  When the manager left for a different company I was assumed his position as manager and a new assistant was hired. The manager basically completes bills, packages and ships products, makes sure products get shipped correctly, makes sure the assistant is performing his job, and takes many phone calls from customers with questions about orders. The previous manager also did a bunch of design work, IT support and some other tasks that he just sort of picked up along  the way.
Before I took over the position, I was making $15.00/hr. the manager was making $17. (He was very underpaid IMO for the amount of work he did, see above). When I took over  my boss sat me down and informed me he'd like to raise my pay to $16/hr for all the extra work I'd be doing . I thought about it and since our receptionist makes $20+ for just answering phones and making coffee, not a terribly hard job, I felt I should ask for a raise. I asked my boss about a pay increase to $19/hr for the position and he came back with "That's way more than I was paying  the last guy." After  a few hours he calls me in and says "I can bump you to 16.50 and in a few months we can have another review since you haven't really proven yourself in the position yet.' The thing is , with only 2 people in the department I already knew how, and was capable of doing  the job, since I've done both jobs if the manager went on vacation or got sick.
Here's my question.
 What should I do when/if my review comes up and he only offers me another $.50/hr. This job should really be in the $20-22/hr range in my opinion.  I don't particularly like the job, but it pays the bills and it's 'comfortable.'
<bot>: I got assumed a new position, a small raise, when countering for a larger raise I was told I'd have to prove myself and would like to know what I should do if there is no larger raise incoming.