Probably one these three is your answer.
1. You've got something stuck in the suction side of the impeller. What I do (with the power turned off) is close off the valves to the pump, remove the suction side hose, (the one that's inline with the pump on the end), and then feel around inside the end of the impeller to see if there's anything jammed in it. It could be a single leaf, a few of those little helicopter thingy's that fall off trees (don't know what they're called but two or three of those things can stop any pump cold), pine straw, hair baretts, little jack in the box toys from kids, etc.
2. Your impeller has cracked and not allowing for proper pressurization in the pump cavity. The centrifugal force of the slinger, (impeller), can be nullified by cracks allowing water pressure to escape from where it shouldn't.
3. Your impeller has actually separated (broken off) from the plastic impeller shaft itself. But this is a bit unlikely as when this happens, most of the time it will create a lot of water leakage around the shaft seal. But, it would still try to spin up, just not enough to actually create real water pressure. These kinds will be quite noisy.
I'd like to think that door number 1 is the most probable. If not, then you'll need to pull the pump, and disassemble the wet end for visual inspection. Once you do that, then whatever's wrong will be staring you right in the face... Here's an example of a pump being disassembled, it won't match yours, but it's pretty basic and in line with the way most pumps are made:
http://spasupport.com/seq/werep/cswerep1.html
Hope this helps.