Dramatic loss of power

Could be numerous things. Start with the basics, Clean your carb, check compression, clean air filter, change plug, check for fuel flowing, inspect reeds.
 
Remove your carb, get a flashlight and a small mirror to see if they are still intact. Look for chips, cracks, missing petals.
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It doesn't really wanna idle sometimes it does though also when it is idling it will randomly rev all the way without touching anything
 
Take your plug out, close the gap to .028", spray it with carb cleaner and blow it out, set it to the side. Turn your gas off, drain the gas from the carb, kick it over 20-30 times, replace the spark plug, turn the gas on, try to start it.

Does it idle any differently for the first minute or so after you crank it? If you pull the plug, is it wet and oily again?

I think that it has an air leak and the carb settings have been set to compensate.