300/440/550 Jet ski isn't moving in the water.

I have a 1991 550 sx jet ski and just recently it just stopped moving in the middle of the lake. everything works as it should. the engine starts, it revs great, but the ski won't accelerate. I've checked the drive shaft and the splines look fine and nothing is bent or cracked. The prop spins freely inside the jet pump. could it be some kind of O-ring? or something with the jet pump? or do i need to replace the whole drive shaft? Please help me !
 
You are overlooking something obvious.. broken/stripped couplers, drive shaft splines inside of prop, something very obvious cuz there just isn't that many options.. check it over again!
 
How is your impeller to wear ring distance nothing larger than a business card is spec... This will cause lots of cavitation and spin the water like a blender instead of pushing it out like an impeller.
 

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I agree on the pump to liner clearance but I wouldn't think it would come on that quickly. I bought a GP800 that came with that symptom so I didn't get to experience how quickly it came on. When I got it, it would rev and slowly accelerate to about 2/3 full speed if I feathered the throttle. If I just pinned it, it would just cavitate and not go ant where. The pump clearance wasn't even that far off but a new impeller fixed it right up.
 
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