Then the US would not have ramped up factory production in the 40s, might not have exited the Depression, would not have felt it necessary to develop the A-bomb, therefore would not have become a nuclear superpower and would have lost considerable influence in the world over the ensuing decades. Would not really have engaged in the Cold War with Russia so likely would not have funneled money into the Space Race and so trillions of dollars worth of innovation would likely never have occurred.
Basically, become a vassal state to China at this point in history.
Far reaching consequences indeed. 
A lot like China as their economy expands, military power is fundamentally a function of economic power and the US was already the world's largest economy even before WWI. Just by quick google, it appears that the US became the world's largest economy in 1886. Now I realize that economists aren't as precise as they think so I wouldn't argue one way or the other if you said it was 1891 or 1881 but I'm near certain that it happened sometime between say 1876 and 1896 so by the time WWI broke out the US had already been in that position for 20-40 years. Even without the years of trench warfare (assuming a quick German victory over France in 1914) the war still took some toll on the economies of the warring powers.
Per wiki, GDP in 1990 International Dollars (I have no idea what that means but the denominator isn't really important, I'm more concerned with the relative size):
- $517 B, USA
- $241 B, China (large population, not a rich country)
- $237 B, Germany
- $232 B, Russia (cross between China and the rich countries)
- $225 B, United Kingdom (excluding colonies such as India)
- $204 B, India (large population, not a rich country much like China)
- $144 B, France (excluding colonies such as modern Vietnam)
- $95 B, Italy
- $72 B, Japan
- $41 B, Spain
Eastern Europe is listed as a conglomerate with $135 B so it is probably fair to guess that the Austro-Hungarian Empire was 8th, somewhere between France and Italy.
China, India, and to a lesser extent Russia weren't nearly as wealthy as this makes them appear. They were very populous so even with a very low per-capita GDP they still had an impressive looking total GDP but that didn't mean that they could actually afford to build and maintain substantial modern militaries to match Germany and the UK.
Germany lost so much territory after WWII that there were actually MORE Germans living in post-war Germany in 1945 than there had been living in that same geographic area in 1939. Germany lost a LOT of territory by losing two world wars in the twentieth Century which tends to happen when you invade people and lose.
A related and interesting question is what would have happened to Austria-Hungary. Here is
a linguistic map of Austrio-Hungarian territory circa 1910. There are areas with majority:
- Germans: Austria proper, the Sudetenland, parts of Hungary, Transylvania, Slovenia, Slovakia, and Galicia.
- Hungarians: Most of Hungary.
- Czechoslovakian: Most of what is now the Czech Republic.
- Slovak: Most of what is now Slovakia.
- Polish: Most of what is now West Galicia.
- Ukranian: Most of what is now East Galicia.
- Slovenian: Most of what is now Slovenia.
- Croatian and Serbian: Most of what is now Croatia and Bosnia and Herzegovina and part of what is now Serbia (the part that wasn't already Serbia).
- Romanian: Most of modern Northern Romania.
- Italian: The area around Tranto and Trieste along with a few parts of modern Croatia.
Austria-Hungary being on the winning side in WWI and the Hapsburg monarchy continuing beyond 1918 would not have stopped a substantial number of these people from wanting to join or form ethnic nation states with their co-ethnics in Germany, Serbia, Italy, the Ukraine, Poland, etc. That pressure would have continued to exist and would undoubtedly have eventually led to more conflicts.
The Germans wouldn't have had foreign ethnic majorities in the Sudetenland and parts of Poland to push them towards war but the Poles would have had that in Germany and a slew of ethnicities would have had that in Austria-Hungary. It is impossible to predict when or how that would have blown up but I can predict with absolute certainty that it would have blown up.
Germany, with everything they would likely have gained from victory in WWI would have consolidated their position as the dominant power in Europe and probably had a sufficiently large economy and industrial base to out-produce the UK such that they would have attained at least parity with the Royal Navy sometime in the 1920's or so. That would have left the UK in quite a precarious position because they are absolutely dependent on imports to survive (they weren't food sufficient even then) and if Germany had a surface Navy large enough to threaten that, the UK would have been practically unable to stand up to anything the Germans wanted. They'd have been forced to rely on alliances but the French economy isn't all that big, the Russian/Soviet economy isn't all that wealthy, and in this scenario it is safe to assume that the US is pretty strongly isolationist.
For their part, the Germans would have bordered an explicitly hostile Communist regime to their East so they'd have, at a minimum, felt it necessary to maintain a military strong enough to take on the USSR.
Still, the US would have had an economy roughly twice the size of the next tier (China, Germany, USSR, UK). That gives the US an enormous amount of leverage whenever they decide they want to use it.
If you study British History they had a longstanding internal debate as to whether their foreign policy should be:
- To essentially act as the leader of Protestantism and help Protestants wherever they were in peril, or
- To ally themselves with the second strongest power in Europe so as to maximize their influence and check the ambitions of the strongest power in Europe. In Napoleon's time France was #1 and England was allied with #2 Prussia. The Franco-Prussian War made it clear that Germany was #1 and the British made a significant shift between 1871 and 1914 to being allied with France and against Germany. A Germany victorious in WWI is even more obviously #1 but #2 isn't really clear. France? Soviet Union? Italy? Austria Hungary? In Napoleonic times this same issue arose as at various times there really wasn't a Continental challenger to Napoleonic France but the British cobbled together enough allies to keep Napoleon occupied and maybe they'd have done the same thing to the Kaiser.
In short, Europe after a Central Powers victory in WWI would have had all kinds of potential flash-points to start up the next war. Also, if WWI hadn't been so awful (a quick German victory in France in 1914 would have resulted in vastly less casualties for both sides) then they wouldn't have been so war-averse in the decades after so the next war would probably have come sooner rather than in 1939.