From your balloon analogy, my question for you is does the engine rev up, but the car doesn't go?
Check out this link for the Check Engine Light. http://www.miata.net/garage/faultcodes.html Let us know what the code is.
If you are in Dallas, Track Dog Racing is your best bet.
If you are in the Fort Worth area, Miata Solutions is the place to go.
Oh, welcome to the forum.