That's a Badger 200. I have one that is about 18 years old and have never had any problems with it. It will spray reliably down to about 15 psi and less than 1/2 cfm. Check your hose and make sure you don't have an air leak. Sounds like you aren't getting enough air volume.
If you are trying to use a can of Propel forget it. They don't last very long at all (a few minutes). You can try sitting it in a pan of warm (not hot!) water and it will increase the pressure slightly. Plan on getting a compressor.
The needle is adjusted by unscrewing the knurled knob at the back. The more you screw it out the more paint you will get. Screw it in until the needle barely seats against the nozzle, do NOT tighten it down, just barely let the needle touch the nozzle. Back it out several turns and it should be wide open.
Also check the bottle cap. There is a hole in it that prevents a vacuum from building up. Make sure that hole is not covered by the seal on the underside of the cap.