Whenever this comes up, people often fail to realize how the continued production and sale of alcoholic beverages would affect the country financially.
Excise taxes on alcohol were a major revenue source that was largely replaced by income taxation. If we're to imagine that prohibition doesn't get passed, it's still easy to see compromises occurring with prohibitionists such that those taxes are raised even higher.
Either way, the extra money means income taxes could come down a lot faster in the 1920s, surpluses would be much larger, or some combination of the two. A lot of the states would also be able to continue relying on alcohol excises as well, which probably improves their finances through the decade considerably.
No prohibition also means Federal law enforcement would remain far more limited in scope, especially as organized crime would look much more like a localized problem where it occurred.