cmcnitt said:Problem Solved!
So it turns out that the problem was with the impeller. I took out the basket and reached down into the pump and there was tons of leaves and things that were lodged into the impeller. I used a screwdriver to loosen everything up and it all came out. I replaced the cracked basket with a new one and the pressure is back up to its normal 15psi.
Thanks to everyone for all the advice. I was very close to calling someone out to take a look at it. It only took 5 minutes to fix and probably would have cost me $100 or more if I called a pool guy.
cmc, glad you solved the problem! (BTW - when I give advice here, you have called the pool dude - I just can't come to your backyard, but on the other hand - I'm not gonna send you a bill
