No bass with new turntable?

Mapman and czarivy are correct.  Something is not set up correctly and/or damaged.  For brevity, I'll assume you've correctly set any load switches in your preamp (I'm not familiar with it).  Because these tables are typically supplied with pre-installed & aligned Ortofon 2M Red, I'd guess that your VTF isn't high enough or the stylus is damaged.  If you bought the table new, I'd query the retailer.

If you bought it used, you'll have to get a protractor, stylus tracking force gauge and a six pack of beer to drink after you're done aligning the cartridge, setting VTF and anti-skate.  If you still have no bass after that, then the cartridge is almost certainly badly worn, filthy and/or damaged.  The 2M Red responds down to 20 Hz; well below what your speakers can reproduce.

Good luck!

 Wow, a TON of info to start with, thank you. Lewm was asking above the cart and tone arm: Ortofon Red as I mentioned, and the unit comes stock with a supposedly decent carbon fiber tone arm. I'm going to really re check the cart cables and everything else in the set up. It's new and "pre installed". Despite controversial :) comments above, I feel my unit should at least be in the same ball park with regards to dynamic response. I'm aware that $500 doesn't get you very far in the TT world, so I wasn't expecting too much let's say, but there is a HUGE lack of bass and mid bass. Kind of disturbing as I imagine there must be a problem. I am going to pop on some more vinyl this evening, as I've only played a few, and they're older music and presses (Eagles, Michael Jackson, Journey), but I have some brand new Melody Gardot, Gregory Porter, Joe Walsh, and Lightnin Hopkins. Not sure if any of those will be pressed by a good factory and have better bass/mid bass? 
 To answer a couple questions, I have the tracking force set at the recommended 17.5, and played with that just to see if bass would magically appear. The anti skate that came with it is in the middle notch, and not sure what its weight is. The manual says 47ohms for the factory cart, and Rogue Audio says 47ohm loading, 150pF, and compatible with 2mV and above carts. I see an alignment "tool" or paper diagram rather in the manual which I will check in an hour or so too, but have no protractor or other tools. Looks like I might need some. I will check those specs mapman wrote above. 
So far I do love the look/feel of vinyl again, all the fidgeting and cleaning gadgets, looks pretty on the audio cabinet, but I'd love a little fuller sound for sure. Realistically I'm not looking at replacing my CDP, but wanted vinyl for oldies, jazz, ska, blues, that type of stuff. Can't wait to try some of the suggestions above...

+1 tls49
http://www.gcaudio.com/resources/howtos/absolutephase.html

This HUGE lack of bass definitely sounds like the cartridge is connected incorrectly with one channel out of phase, or it's just defective. If all the color codes on the cartridge match the headshell wires, it could be where the headshell wires attach to the tonearm or the where the tonearm wire connects to the RCA connector block.

Let it play for a few days and add a bit more weight to see if this helps.