The spindle is run via two pairs of clutch packs, concentric discs very much like those in an automatic transmission. It's entirely possible those clutches have worn to the point they no longer engage well.
Other options (keeping in mind I'm no expert and have only owned one of these things for a couple of months) I wonder of the brake is somehow stuck "on"? The brake is hydraulic, and engaged via headstock oil pressure on a piston assembly at the back. I have not opened or worked on mine, but I wonder if by some combination of wear or abuse, the brake has been engaged, maybe partway, and won't release?
If that's the case, and it's a long shot, I admit, I have no real idea how to resolve the situation.
More info would help. Does the chuck run the same speed no matter what gear it's in? Does it turn so slowly you can stop it by taking a cut?
Doc.