The motor is not getting the current it needs to run properly and it overheating.
You probably have too much wire (or too small a wire) between the breaker box and the saw; either house wiring, or an extension cord. Or there are other significant loads on the same circuit.
You should be plugged into a 20a #12 circuit, with nothing else on it. A
1.5hp motor draws about 17a when running, and about 50a when starting. That is a pretty substantial load. You pretty much need a dedicated 20a circuit for a table saw, or better yet, change it to 240v.
So,
1) What size cable is the circuit?
2) Are you using an extension cord? What size, how long?
3) How far from the breaker box is the saw?
4) Is anything else on the circuit when you are having problems?
Ideally you should plug the saw into a 20a outlet near the breaker box to ascertain that there is nothing wrong with the saw, but that might not be easy.