I can sympathize, Mark.

Though the rumor has been floating around the office the past couple of weeks I just found out "officially" that everyone is on another wage freeze, my 3rd over the past 8 yrs. of my employment here.
My co-worker & I fought like the dickens over the past 4 yrs. to get our compensation raised to the standards of others doing similar jobs in our field & we scored a 12% 'wage adjustment' last year.
Righteous bucks.
We figured that the battle we won covered us for the past few years wage freezes occured but, even so, across my tenure here my raises have averaged 2.25%, not exactly stellar.
The thing is, LOTS of my fellow IT workers are in the same boat: wage freezes, training cut WAY back, etc. And the jobs are exactly plentiful right now.
And I'm plenty happy where I'm at. The people, the job itself, even my boss, all are strong inducements to stay.
It's just not an easy decision today!