I've developed a bid of a squealing issue over the past few days. Originally, I thought it was the PSP but upon a closer look the alternator belts seem to be chafing resulting in a bunch of belt dust around the alternator, fan, water pump, etc... Obviously, the belts are wearing out prematurely and I'm not sure why. Everything seems to be aligned correctly, nothing is seized up, but for some reason they've worn enough to begin slipping over the water pump pulley. The only way I know to keep them tight is to loosen the alternator and place a breaker bar under it and apply pressure until the belts some tight then tighten down the alternator bracket bolt/nut. I did this once before when I had a squealing issue, but the belts were obviously loose. Maybe that previous issue wore them enough to continue slipping...?
I can spin the WP pulley with my hand, that's how I found out the belts were slipping over it. I've attached a picture for reference, I've got a video too, but I haven't figured out how to upload it.
Any thoughts, or is my issue just a result of the belts being to loose over time?

 

A tale as old as time. Yes, the dual water pump pulleys usually only really hold one belt snug, if considered snug. The problem is the reduced angle the belts contact the water pump. Gates has a write up of appropriate belt grip contact angle.

Others have tightened via banzai racing alternator tensioner brackets, maintain the air pump, or use an idler pulley in place of the air pump. Also think I heard of using two different size belts on the dual alternator pulley setup so one will tighten first, then tigthen till the second belt.

 

try some "belt dressing" it should help the belts to soften up and add grip on the slick metal pulley surface. this avoids overtightening the belt and causing premature bearing failures.

contrary to common sense it isn't a lubricant. it's a little trick i use on my lawnmower deck belts because the grass grows 3 feet tall in a week here and it likes to eat up my belts.

or you can just get a gilmer belt/pulley kit and it won't ever slip again.