To fix this I first removed all print jobs by choosing 'cancel' on each job then restarted Windows.
Now delete the printer itself
Now visit 'Server Properties' of the printer control panel (File - Run as Admin - Server Properties) and remove all unnecessary drivers from the drivers tab. Be sure to remove the drivers for the problem printer!
Powercycle the Windows machine and unplug both USB and and power from the printer.
When Windows comes back up and has setteled down then put power back to the printer. Wait for it to settle. Plug USB back into the printer. Windows should auto-install. After this open the printer properties as Administrator and print a test page.
This had worked for us a number of times. YMMV.
Also of note when the jobs started failing there were notices in the Event Viewer that SpoolerWin32SPL was unable to read some registry keys. It appears that Windows or the driver get confused and corrupt their settings.