1990 130 hp will not plane

[yamahastumpted]

Hi, I am a new member that is trying to find out why my 1990 with 200 hrs. and 130 hp yamaha stern drive will not plane! It idles fine and gets up to 2000 rpms. It just won't get up and go! even with the throttle wide open. Pulled and cleaned both carbs. though there was not obvious shellac. Have not yet gone to the reed valves and don't yet know whether is necessary or will help.
Nothing has changed with the boat. This is the same Tiderunner boat the engine has always been on and the weight has not changed. The fuel is good.
Is there a cut out system on this engine if the oil is not moving or somthing like that that will let it idle but won't let it run? I just don't know? Over the years and several moves lost all the literature that goes with this engine and thus I'm about dead in the water. Please help.

[boats.net]

Test the warning buzzer to see if sounds alarm when ground the pink wire at buzzer(with key on). Check engine compression.