1993 Mercury Tracer smoke and power

Alright two questions I just noticed today that when my car is sitting and on for a few minutes and then I press on the gas pedal blue smoke comes out of the tail pipe. If I immediately do this again little or no blue smoke comes out. And when I am traveling at about 55-60 miles per hour and try to accelerate the car does nothing even if I push the pedal to the floor. The car just decelerates and after I stop I can accelerate again. Havent talked to a mechanic yet just thought I would ask here first

Any suggestions would help