You may have what is known as a "spun" propeller. The rubber hub inside the prop wears with age and no longer will actually spin the prop. Two tests: 1. If the prop is spun so badly that the boat will not move at all, put the engine in gear on the trailer with the engine off. Try grabbing the prop and trying to spin it. If it spins freely then the prop is spun and neither needs to be re-hubbed or replaced. 2. If the prop moves the boat slowly but not in relation to engine speed then remove the prop. Mark the back of the prop and the hub with a single line, with a magic marker. Install the prop and run the engine in the water. Remove the prop again. if the marks have moved then the prop is spun.
Also, when you remove the prop nut and washer if the front of the prop is scuffed up showing spin marks, that is a good indication that it is spun.